Tron reverses August losses: Can it reclaim $0.08?
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
- TRX sustained the recovery that started in mid-August.
- Open Interest rates improved in September as buyers gained control.
Tron [TRX] has sustained its recovery, allowing it to regain lost ground after the mid-August dump. TRX dropped 8% in the first half of August after dropping from $0.0787 to $0.0719. But the altcoin was up >9% at press time, trading at $0.079 and recovering all August losses.
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Can the recovery edge higher?
The white area of $0.076 – $0.078 has seen a key price reaction since July. It was flipped to support at press time as bulls sustained the recovery. Besides, the price action mounted above the 50-EMA (Exponential Moving Average), flipping the H12 market structure to a bullish bias.
Technical indicators reinforced the bullish bias at press time. The RSI stayed above the 50 mark in September but faced rejection near the overbought zone. It shows buying pressure surged in September but eased slightly at press time.
Over the same period, the CMF hovered above zero, demonstrating impressive capital inflows into TRX markets.
To the north, the next resistance levels exist at $0.080 and the bearish order block (OB) of $0.0826 – $0.0858 (red).
Southwards, the key supports to consider are the 50-EMA, $0.076 and $0.074.
Open Interest rates improved
According to Coinalyze, the Open Interest rates improved in September, rising from $45 million to over $50 million at press time. The surge demonstrates the demand for TRX improved in the derivatives segment in September.
How much are 1,10,100 TRXs worth today?
However, the metric eased and has been flat since 8 September, showing the demand eased in the last two days before press time.
But the CVD (Cumulative Volume Delta) surged and only eased slightly, underscoring buyers’ market control. A surge above $0.080 could take a while if Bitcoin [BTC] extends its fluctuation in the range-lows.