Tron [TRX] has made its way into the top-15 cryptos of the market, with TRX ranking 13th on the charts. The altcoin managed to fend off market bears on June 18-19, rising a whopping 32% since its recent low on June 15. This despite the prolonged sale that took place on June 18 and 19.

TRX previously traded in a wedge pattern, one supported by rising support and falling resistance lines. However, it soon registered a strong bearish wave, one that pushed the token out of the wedge pattern.

The price hit a low of $0.046 on June 15, but also recorded a significant rally. The last time TRX traded near its latest low was in June 2021.

TRX was trading at $0.061 at the time of writing. Simply put, it was 32% higher than the June 15 low.

Source: TradingView

A TRX price analysis also revealed that last week’s sharp drop pushed the token’s RSI into oversold territory. However, significant accumulation fueled a rapid recovery, resulting in an increase in recent days.

The MFI registered a slight increase, pointing to the buying pressure responsible for the rebound. The DMI indicator revealed that bearish pressures eased rapidly, paving the way for a smoother recovery.

Are the whales buying?

On-chain stats confirmed that TRX’s rally was supported by strong accumulation. Whale supply hit a low of 44.45% on June 16, but improved to 44.79% on June 19.

This is a sign that the price has fallen to a level where investors considered it highly oversold. The accumulation of whales is a healthy sign for TRX’s price action.

Source: Santiment

The shift in sentiment in favor of the bulls was also reflected in the derivatives market. The Binance Funding Rate statistic, for example, fell sharply to -0.4875% on June 15, before a sharp recovery in the coming days.

This was a sign of strong demand after the latest lows.

Conclusion

TRX is still trading at a hefty discount despite the latest uptrend. The recent sell-off reversed the gains it made since the USDD’s launch, and its bearish performance pushed the crypto to a new low in 2022.

Nevertheless, the market is still in FUD territory. Therefore, prices are still at risk of another unexpected sell-off. TRX could extend its advantage if market sentiment improves.



This post Identify or Tron [TRX] is actually far from back to the bottom of the midweek

was published first on https://ambcrypto.com/identifying-if-tron-trx-is-actually-far-from-falling-to-its-mid-week-bottom-again/

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