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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.
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.
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