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Disclaimer: The information presented does not constitute financial, investment, trading or other advice and is solely the opinion of the author.
- TRX continued the recovery that started in mid-August.
- Open interest rates improved in September as buyers took control.
Tron [TRX] has continued its recovery, allowing it to regain lost ground after the mid-August dump. TRX fell 8% in the first half of August, after falling from $0.0787 to $0.0719. But the altcoin was up >9% at the time of writing, trading at $0.079 and recouping all of August’s losses.
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Could the recovery margin be greater?
Source: TRX/USDT on TradingView
The white area of $0.076 – $0.078 has seen a significant price reaction since July. It reversed to support at the time of writing as the bulls continue the recovery. Moreover, the price action rose above the 50-EMA (Exponential Moving Average), turning the H12 market structure into a bullish bias.
Technical indicators reinforced the bullish bias at the time of writing. The RSI remained above 50 in September but was rejected near the overbought zone. This shows that purchasing pressure increased enormously in September, but has decreased somewhat at the time of writing.
During the same period, the CMF hovered above zero, demonstrating impressive capital inflows into the TRX markets.
To the north, the next resistance levels are at $0.080 and the bearish order block (OB) of $0.0826 – $0.0858 (red).
Heading south, the main supports to consider are the 50-EMA, $0.076 and $0.074.
Open interest rates improved
Source: Coinalyse
According to Coinalyze, open interest rates improved in September, from $45 million to over $50 million at the time of writing. The strong increase shows that demand for TRX has improved in the derivatives segment in September.
How many Worth 1,10,100 TRXs today?
However, the numbers have eased and have remained stable since September 8, showing that demand has declined over the past two days before press time.
But the CVD (Cumulative Volume Delta) rose and fell only slightly, underscoring control over the buyer’s market. A rise above $0.080 could take some time Bitcoin [BTC] expands the fluctuation in the lows.