Tron Price: A Golden Opportunity Beckons

The Tron Price has been on a bullish trend over the past three weeks, raising eyebrows and stirring conversations among crypto enthusiasts. Despite the rally towards $0.086 in early June, the bulls couldn’t sustain the momentum. The question now is, can they pull off a similar or even better performance this time?

The Bullish Case for Tron Price

The Tron Price recently tested the $0.078 support zone, presenting a potentially lucrative buying opportunity for the bulls. The targets? The $0.0818 level and the $0.0858 local high. While the latter is more ambitious, a Bitcoin move back above $31.5k could bolster the confidence of buyers in the crypto market.

Tron Price: The Market Structure

The 4-hour chart reveals a bullish market structure, with the Tron Price climbing past $0.078 in recent hours. The bounce from $0.0766 to $0.0805 lasted from 6 July to 9 July, but most of these gains were wiped out over the past two days.

Tron Price: The Indicators

The trading volume has remained consistent since late June. If the trading volume rises alongside a sharp price move, it could signal a breakout. The current evidence, especially the price action of Tron, favors the bullish argument.

The Futures Market: A Pause for Thought

Despite the slump in the OBV, the bullish bias remains unswayed. However, a glance at the 1-hour Open Interest chart reveals a slow decline even as Tron’s prices marched northward. This suggests that speculators are not bullish but covering short positions instead- a bearish sign.

The Final Word

With indicators at odds with one another, the long idea discussed here can be heavily dependent on how BTC reacts in the coming hours.

Steve Beckford

Steve Beckford

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