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Tron is experiencing the second largest bear market in the cryptocurrency markets and has suffered relatively less losses compared to others. Due to its founder Justin Sun, it is among the indispensable networks, especially for USDT. So what does the current situation indicate for TRX Coin?
Investors who saw the opportunity in Tron’s test of $0.07200 on August 18 made a profit of about 7%. Moreover, despite the shake-up in BTC prices in the evening hours, a significant portion of their gains remained intact. The market structure sees the possibility of further upward movement in the short term.
Readings on the four-hour chart indicate that momentum can continue with closes above $0.0761. The daily candle closed above the highest level of the previous range ($0.07750) on August 23. Therefore, TRX bulls can target the $0.080 resistance area and the 12-hour bear order blocks (OB) of $0.0826 and $0.0858. Such a move can provide an additional gain of 3% or 6.5% respectively.
TRX Coin Analysis
Contrary to the above bullish expectation, closes below the $0.0761 level can be a hindrance to further upward movement. This will push TRX to the 0.0741 and 0.0720 regions as the next critical support in the south. RSI and CMF had positive readings at the time of writing, reinforcing the upward trend in the spot market on lower timeframes. Cumulative Volume Delta (CVD), which shows whether sellers or buyers are in control of the market, has been rising since August 18. This indicates that bulls are in control of the market.
Open Interest rates also increased by about $5 million between August 18 and the time of publication, from approximately $45 million. This confirms the upward trend in derivative markets.
However, the interruption of the rise in US markets and the announcements to be made by Powell tomorrow pose a risk to the market. If Powell does not make statements contrary to last year’s Jackson Hole meeting, sellers may gain confidence. The latest macro data shows that things may not be under Fed control and that the decline in inflation may have started to reverse. Of course, the final employment, inflation, and wage increase data that will come before the September interest rate decision will be the ones that will really move the market.
