TRON Showing Hints Of A Major Rebound After A Week Of Rout
September 26 2022 - 11:30AM
NEWSBTC
Tron (TRX) holders have been on rough terrain since August with the
bears dominating the market. The tables might be turning though in
favor of the bulls as shown on the charts. TRX bulls hint at
a comeback after a long period of takeover by the bears TRX price
down by 0.87% RSI divergence hints at increased investor optimism
According to CoinMarketCap, TRX’s price has plunged by 0.87% or
trading at $0.0596 as of this writing. Apparently, Tron is trying
to bounce back from its weekly low that registered at $0.056. It
seems that the token is still traversing in the same range which
validates a strong rebound from that level. Related Reading:
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TRON Market Demand Waning? Hence, there is evidently poor demand
for TRX in the market which is normal whenever crypto tries to
switch lanes from bearish to bullish. Whale activity looks to
be insufficient at this point and not gaining enough traction.
Regardless, the supply of TRX has increased for the whales. There
is hope as investor optimism ought to be amplified with the recent
developments happening for Tron. Tron’s weighted sentiment
index has shown no significant changes in the market. TRX is still
stuck in its lower monthly range which explains the failed uptrend
happening over the weekend. On the other hand, there are a couple
of signals that promise the possibility of the bulls pivoting in
the coming days. TRX Bulls Waiting For The Next Big Wave TRX
price might prevail and rebound from the support zone as further
validated by its RSI. The RSI divergence shows increased optimism
that the price may escalate in terms of buying pressure. On-chain
metrics for Tron also feature the increase in demand over the
derivatives markets as seen in the past couple of days.
Related Reading: Litecoin Price Watch: Why Only 15% of LTC Holders
Are Making Profit Chart: TradingView.com Observation of the funding
rates provides critical data because it validates the change in the
derivatives market. These observations are usually tied up to the
spot market. While there are signals that hint at a bullish
uptrend, the market sentiments reveal that the TRX bulls are on the
sidelines and just waiting for the right timing to jump in when the
crypto market improves. On TRX price predictions, although
the stablecoin is making progress, it still continues to drop which
could go on for the next couple of trading sessions. Tron’s
price may hover below the $0.054 level before September ends. More
so, there is also a possibility that TRX’s price could slide below
the $0.045 range. With the crypto market currently struggling, TRX
prices could also move in the same direction. The bearish thesis
will only be proven wrong if and when the price shoot above the
$0.066 mark. TRX total market cap at $5.5 billion on the
daily chart | Source: TradingView.com Featured image from CCN.com,
Chart: TradingView.com
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