Amidst the fluctuations in the price of Bitcoin, TRX Coin investors have also witnessed an increase in prices. But will this continue? Popular analyst Capo has been predicting the arrival of new lows for TRX and many other altcoins for a long time. He has been largely successful in these predictions. However, according to his latest statement, he continues to incur losses in the short position he opened for TRX. TRX Coin has been relatively less affected by the general market decline.
The TRX Coin price rebounded from the $0.0857 support level and continued its upward trend. However, the indicators on the chart indicate that this reversal will not trigger a larger rally. It may even occur in the middle of the last upward movement before the price decline.
Data indicating the continuation of the downtrend advises investors to be cautious. The price, which dropped by 5% from the rejection at $0.09, can reverse its direction again according to the RSI and CMF data. Current readings show an increase in selling pressure and a continued capital outflow.
The bears’ target will be to bring the TRX Coin price below $0.0857. If they succeed, a new local low between $0.08 and $0.082 can be seen. Successfully defending the support level by the bulls could lead to a continuation of the upward rally towards $0.092. At the time of writing, the TRX price is at $0.087.
On-chain measurements taken from Coinalyze showed that the Funding Rate was largely negative at the time of writing. In addition, open interest decreased despite the recent price increase. This situation reflects an expectation of a decline by futures. If the BTC price attempts to make a local low between $27,200 and $26,800 again, it could be a bad scenario for TRX Coin investors.
The upcoming US inflation data next week will be critical for cryptocurrency investors. We will not see any significant data announced for the rest of the month, and expectations for the November 1st Fed meeting will largely be shaped by the data that will come during the week.
If inflation is announced above expectations due to the increase in fuel prices, investors may quickly turn to selling to reduce their risks.