Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
- TRX broke out of its sideways movement with another price dip, extending the bearish slide.
- Open Interest continued to decline while the funding rate fluctuated.
Tron [TRX] broke out of its sideways price movement with a 4.4% dip which saw it trade at $0.0745, as of press time. TRX traded sideways after the bearish break below the support level of $0.0787.
Read Tron’s [TRX] Price Prediction 2023-24
The bearish outlook in the market could intensify the selling pressure on the altcoin, as bears look to extend the bearish gains.
Bears seize control, as selling pressure increases
Source: TRX/USDT on Trading View
On-chart indicators highlighted the growing selling pressure on Tron. TRX’s Relative Strength Index (RSI) dipped aggressively into the oversold zone and stood at 28. This hinted at a significant decline in buying pressure, allowing bears to drive prices lower.
Also, the Moving Average Convergence Divergence (MACD) indicator posted a bearish crossover while remaining under the zero mark. Additionally, it also revealed the dominance of sellers along with the On Balance Volume’s (OBV) steep decline.
With bears in full control, TRX could potentially sink to $0.0672 – $0.0711. Any recovery by bulls will be influenced by Bitcoin [BTC] reversing its massive losses over the past day.
Open Interest continued its dwindling movement
Source: Coinalyze
TRX’s bearish break from the sideways price movement saw an extension of the slow decline in its Open Interest (OI). Data from Coinalyze showed that the OI further dropped from $55 million to $50 million in the 12-hour timeframe.
How much are 1,10,100 TRXs worth today?
Dipping prices and declining Open Interest hinted at a continuation of the bearish trend for Tron. Similarly, the Funding Rate continued to fluctuate. Furthermore, this revealed significantly low demand which is not enough to trigger a bullish move in the short term.
