TRON (TRX), one of the high-volume altcoins that showed a rapid recovery after the losses on August 17th. TRX experienced a jump of 8.4% until August 24th and has been trading within a resistance zone since then.
Although this situation in TRX Coin presents a buying opportunity, the trading probability can be largely influenced by the price movement of Bitcoin (BTC). The pump that came from positive Grayscale news for BTC last week completely withdrew, indicating a decline in market sentiment.
On the 4-hour chart, TRX reflected to investors that its market structure entered a downward trend after falling below $0.0761 on August 30th. The red box between $0.076 and $0.092 continues to represent the downward trend on the weekly chart, while the region below $0.08 attracts the attention of crypto followers as an upward region in a higher time frame.
The green boxes represent the areas of interest as $0.076 resistance and $0.07 support on the daily chart. These can be considered as levels that investors can pay attention to in the coming days. With the downward market structure, it is also likely that TRX will start a decline in price soon.
The RSI was neutral at the 50 level and indicated a lack of momentum for the past few days. While OBV has shown a downward trend since August 24th, the price remained in the $0.076 zone. This indicates that investors can predict losses for TRX in the charts.
After August, spot CVD increased even more after September 1st. The funding rate was positive in the last two days, but it did not appear to be strong. Meanwhile, Open Interest remained relatively flat, indicating a lack of confidence among speculators.
Data from Coinalyze also showed that despite short-term buying pressure, the sensitivity was not in favor of the bulls. The price movement indicated a possible decline and highlighted that short sellers could target local lows at $0.0718.