Disclaimer: The information presented does not constitute financial, investment, trading or other advice and is solely the opinion of the author.
The preference for TRX’s H12 market structure was upbeat.
Open interest rates stabilized near $63 million.
From Bitcoin [BTC] recent upturns have allowed most altcoins to reverse losses incurred in the first half of June. In particular, Tron [TRX] came closer to reclaiming the June high of $0.08580. However, the altcoin must deal with a roadblock, a bearish order block, below the June high to move forward.
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A recent report found that Tron outperformed Ethereum [ETH] locked in total value. But TRX price action remained within the vagaries of market sentiment, especially BTC price movement.
Will bulls falter again?
At the time of writing, TRX price action was recovering near the $0.07858 level after rejection at the bearish order block of $0.0826 – $0.0858 (red) on the H12 chart. Bulls still aimed for the bearish OB and could falter again if the roadblock proves sticky to crack.
A probable drop could ease the $0.0786 confluence area and rising trendline support. In particular, the ascending trendline has been at a critical support level since mid-June. A drop and likely rebound in the confluence area could provide a return of bulls for long positions targeting the bearish OB.
A break of the ascending trendline support will invalidate the bullish position. Such a breach could allow for a $0.7500 retest.
Meanwhile, the Average Directional Index was above 20 and the Chaikin Money Flow above zero, indicating strong upside and capital inflows for TRX.
But the RSI pulled out of overbought territory, falling to the 60 mark, leaving buying pressure still in place.
How many Worth 1,10,100 TRX’s today?
Open interest rates wavered
TRX’s recent retest of the bearish OB featured a positive CVD (Cumulative Volume Delta) – ascending slope, underscoring bulls’ leverage.
But Open Interest (OI) rates have fluctuated below $63 million in recent hours. In particular, the July 13 price hike was followed by a sharp rise in OI from about $57 million to $63 million. But then OI fell below $63 million – stagnant demand in the futures market.
This post Tron bulls can consider this level if they falter
was published first on https://ambcrypto.com/tron-bulls-can-consider-this-level-if-they-falter/