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Tron (TRX) Price Analysis: TRX Short Interest Doesn’t Look Very Bearish, But Why?

  • Tron (TRX) is trading higher inside the previous bearish candle in the intraday trading session.
  • Traders are witness to a highly volatile market, therefore, TRX showed a 76% increase in its trading volume compared to the previous night.
  • The TRON/BTC pair is trading in the Green Zone with a gain of 19.1% at 0.000002482 Satoshis.

Tron (TRX) fell after reaching a high of $0.898 in May. TRX gained 45 percent in the first seven days of the month, significantly ahead of the corrective period. Despite the entire cryptocurrency crisis, market value appears to be constant at $7 billion.

In terms of the daily price graph, Tron (TRX) is trading higher with a decline of 5.5% inside the previous bearish candle in the intraday trading session.

Tron currency gained over 15.8% after reversing from the 0.5 Fibonacci retracement line on May 8, but it failed to maintain momentum in the higher zone, resulting in a slide below the 0.5 Fibonacci level last night.

Thus, according to CMC data for the past 24 hours, the currency was trading at $0.07061 at the time of writing, an increase of 8.4% in its market cap. Moreover, the TRON/BTC pair is trading in the green zone with a gain of 19.1% at 0.0000002482 Satoshis.

With the presence of above 50 and 100 EMAs on the daily price chart, traders saw a highly volatile market, therefore, TRX showed a 76% increase in its trading volume compared to the previous night.

TRX Looks Range Bound on Higher Time Frames

The daily RSI manages to stay above the halfway mark (50 points) after retreating from the overbought zone. Furthermore, the ADX is set to move down, showing declining strength of directional bearish momentum.

conclusion

Holders of Tron stay steadfast and do not give in to fear. Too many rookie investors and huge whales attempting to exit at the same time results in a stampede! Stay with the coin and avoid being swept up in a stampede.

support level – $0.058 and $0.050

Resistance level – $0.090 and $1.0

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

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