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Home»Altcoins»Tron attempts weak recovery: Time to short?
Altcoins

Tron attempts weak recovery: Time to short?

2023-08-19No Comments3 Mins Read
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Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

  • TRX attempted to reverse recent losses, but BTC weakened further. 
  • Sellers gained little control while Open Interest rates dipped and steadied. 

Tron [TRX] recorded a 3% loss on 17 August after Bitcoin’s [BTC] sudden drop to $25k. The attempted recovery seen at the time of writing could face headwinds as BTC retested the $25k levels. So, the elevated uncertainty could tip Tron sellers to seek more ground. 


Is your portfolio green? Check out the TRX Profit Calculator


Tether [USDT] was the most dominant on the Tron Network at 48%, as Ethereum’s [ETH] stood at 43%. But the impressive usage of USDT on the network has yet to set a solid rebound from the recent slump. 

Are more weekend losses likely?

Tron price analysis

Source: TRX/USDT on TradingView

TRX narrowly consolidated between $0.076 – $0.078 in the first half of August. But the elevated bearish pressure in the second half of August exposed sellers to seek more ground to $0.072.

The weak BTC and subsequent retest of the $25k level could falter the recovery seen at the time of writing. Ergo, the immediate overhead resistance level of $0.074 could reverse TRX.

If so, the drop could retest $0.072 or head lower to the bullish order block found in the 12-hour timeframe. Such a drop could present a shorting scenario, with an entry at $0.074 alongside two possible take-profit targets at $0.072 and $0.070. 

A candlestick session close above $0.075 will invalidate the short set-up. The next target will be the early August ranges in such an upswing scenario.

See also  Ethereum bulls are on the move – what now?

The Relative Strength Index (RSI) eased to the oversold territory, underscoring the strong selling pressure. However, the Chaikin Money Flow (CMF) eased but didn’t drop below the zero level, denoting capital outflows eased.  

Sellers gained an edge amidst declining Open Interest rates

Source: Coinalyze

The Cumulative Volume Delta (CVD) rose since early August but declined steadily from 14 August. It demonstrates that buyers were in control, only to lose to sellers in the second half of August. 


How much are 1,10,100 TRXs worth today? 


Over the same period, the Open Interest (OI) rates steadied but dipped later. The OI was yet to record a strong increase at the time of writing, illustrating a muted demand for TRX in the derivatives market side. 

The above two metrics reinforced the short setup, but traders should track BTC movement for optimized set-ups. 

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Attempts Recovery Short Time Tron weak
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