Tron (TRX), holders are on difficult terrain since August, with bears dominating this market. Charts show that the market is shifting in favor of bulls.
- The bulls of TRX hint at a comeback following a prolonged period of bears takeover
- Price drop of 0.87% for TRX
- Divergence in RSI suggests increased investor optimism
According to CoinMarketCap, TRX’s price has plunged by 0.87% or trading at $0.0596 as of this writing. Tron appears to be trying to rebound from the $0.056 weekly low.
It appears that the token continues to traverse in the same range, which supports a strong rebound.
Is the TRON market demand declining?
Accordingly, TRX has a low market demand which is quite normal when crypto attempts to shift lanes from bullish to bearish.
The whale activity seems to be low at the moment and it isn’t gaining sufficient traction. The whales have received more TRX.
Investor optimism should be amplified by the latest developments at Tron.
Tron’s weighted sentiment index has shown no significant changes in the market. TRX remains stuck within its monthly lower range, which is why the market’s failed uptrend over the weekend.
However, there are some signals which suggest that the bulls may pivot within the coming days.
TRX Bulls Are Waiting for The Next Big Wave
The TRX price may prevail, and bounce back from its support zone. This is further supported by the RSI. The RSI divergence indicates increased optimism about the possibility of price rises in buying pressure.
Tron has also seen an increase in demand for derivatives over its on-chain metrics in recent days.
Chart: TradingView.com
The funding rates are critical information because they validate the changes in the derivatives markets. These observations can be tied to the spot market.
Although there is some evidence that suggests a bullish trend, market sentiments indicate that TRX bulls remain on the sidelines waiting for the perfect time to get in when the crypto market recovers.
The TRX price prediction shows that although the stablecoin has made some progress it is still continuing to fall which may continue for the next few 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.
The crypto market is currently in turmoil, so TRX could move in the opposite direction. Only if the price rises beyond $0.066, will the bearish thesis be proved wrong.
The TRX market capital total is $5.5 billion according to the daily chart. Source: TradingView.com| Source: TradingView.com Featured Image from CCN.com. Chart: TradingView.com