Connect with us
Active Currencies 14446
Market Cap $2,694,179,398,954.60
Bitcoin Share 50.42%
24h Market Cap Change $1.71

TRX extends range above $0.0830 — Will buyers benefit?

2min Read

TRX has been stuck in a narrow price consolidation and could offer new buying opportunities at the mid range or range low.

Share this article

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion

  • TRX consolidated recent gains above $0.0830 since 15 September.
  • Open Interest rates fluctuated in the second half of September. 

Tron [TRX] has been stuck in a price consolidation above $0.0830 in the second half of September. Recent Bitcoin [BTC] losses and subsequent retest of the range-low near $26.0k could offer TRX buyers new opportunities. 


Is your portfolio green? Check out the TRX Profit Calculator 


Will these supports hold?

TRX

Source: TRX/USDT on TradingView

The Relative Strength Index (RSI) has fluctuated above the neutral level since 24 September, indicating wavering buying pressure over the same period. 

However, there have been strong capital inflows into TRX markets, as shown by the rising Chaikin Money Flow (CMF). However, the downticks of RSI and CMF at press time indicated bearish pressure intensified at press time. 

If the selling pressure extends, TRX could drop to the mid-range ($0.08390), 50-EMA (Exponential Moving Average), or the range low ($0.0830). But it could rebound if BTC doesn’t record more losses. 

If so, the rebound could offer TRX buying opportunities with the take-profit target at the range-high of $0.08480 ($0.08390). The mid-range and range low can act as re-entry points for two possible long positions. 

A drop below $0.08350 and $0.08300 will invalidate the bullish bias. However, the extended drop could ease the price imbalance and Fair Value Gap (FVG) on the daily chart of $0.0821 – $0.0828 (white). 

Demand in the derivatives market wavered

TRX

Source: Coinglass

The price fluctuations were followed by wavering demand for TRX in the derivatives market, as shown by the Open Interest (OI). The OI see-sawed in the second half of September, reinforcing a neutral bias. 


How much are 1,10,100 TRXs worth today


However, the uptick of volume by +90% and +5% in Open Interest in the past 24 hours before press time underscored a short-term bullish bias. 

Besides, more short positions were liquidated in the past 24 hours before publication, favoring near-term bulls. However, tracking BTC is crucial for risk management. 

Share

Benjamin is a Telecommunication Engineering graduate who is passionate about crypto-markets and unraveling market trends. Armed with charts and patterns, he's interested in making the intricate, complex landscape of digital assets more palatable for every user.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.