Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
- TRX rebounded from $0.07200, recovering lost ground.
- The futures market was bullish but funding rates wavered.
Traders who bought Tron’s [TRX] retest of the $0.07200 on 18 August were up +7% at the time of writing (early Asian trading session on 24 August). But latecomers, especially lower timeframe traders, could still find an opening for further gains, according to TRX’s price chart indicators.
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But on-chain metrics didn’t print an outright bullish scenario for the altcoin. A recent AMBCrypto report established that Tron recorded significant TVL outflows but retained a substantial amount of locked stake.
TRX reverses recent August losses
Source: TRX/USDT on TradingView
The market structure was bullish on the 4-hour chart, a conventional timeframe for short-term prospecting. Price action cleared the recent higher high near $0.0761 and mounted above the early August range highs ($0.07750).
The daily candlestick session on 23 August closed above the previous range-high ($0.07750) – A sign of extra bulls’ leverage. So, TRX bulls could be tipped to aim for the next resistance target of $0.080 or the H12 bearish order block (OB) of $0.0826 – $0.0858. Such a move could offer 3% or 6.5% extra gains, respectively.
But a drop below the range-low of $0.0761 could complicate further recovery. Such a dip could expose TRX to an extra downswing with $0.0741 and $0.0720 as the next critical support to the south.
The RSI and CMF had positive readings at the time of writing, reinforcing the spot market’s bullish bias on the lower timeframe.
The derivative side was bullish, but…
Source: Coinalyze
The aggregated CVD (Cumulative Volume Delta), which shows whether sellers or buyers control the market, has risen from 18 August. It shows bulls had market control.
How much are 1,10,100 TRXs worth today?
The Open Interest rates also jumped from around $45 million to >$ 50 million between 18 August and publication time.
These two readings are bullish inclination on the derivatives market. However, the fluctuating funding rates could stall a solid extra momentum to the upside in the short term.
