- TRON gained 1.12% in seven days as altcoins suffered from high selling pressure.
- With TRON network massive adoption by USDT, positive market sentiment was gaining momentum
With Bitcoin [BTC] declining by 6.7% in the last 30 days, trading at $62k at press time, altcoins have experienced massive losses.
However, TRON [TRX] has resisted this pressure, instead surging by 1.12% in the last seven days and 4.67% in 30 days. TRX was trading at $0.1189 at press time, with a 0.92% decline in the previous 24 hrs.
At the same time, It has gained 22.38% in trading volume to $205M. According to CoinMarketCap, TRX’s market cap was at $10.3b.
TRX’s activities are attributed to various factors, especially the increased adoption of trading USDT. According to the Tron Guy Project on X (formerly Twitter),
“The users are choosing Tron.”
Also, another post by Lookonchain stated,
“The 24 hrs trading volume of USDT on Tron network is $53B exceeding Visa’s average daily trading volume.”
Another analyst @Currency Analysts, shared positive developments regarding TRX, stating,
“TRX dominates as it breaks records with highest daily users and weekly revenue.”
The developments show increased crypto adoption, with TRON at the center of the digital transformation.
TRON posited for a recovery
The current trends have considerably impacted TRX as it recovers from a sustained downtrend with more bullish market sentiment.
Source: Santiment
AMBCrypto’s analysis of Santiment showed rising Open Interest. In the last seven days, TRX’s Open Interest has surged from $21M to $28M.
The increase in Open Interest per exchange showed heightened investments, with traders taking new positions or rolling over existing positions.
This implied more market activity and interest in crypto. Equally, it showed that the current trend will continue to rise.
Source: Tradingview
The RSI of 56 indicated that the bulls have an upper hand in the market. The RSI above its RSI-based MA indicated that a bullish market is well-positioned to take shape. This is a strong uptrend pattern.
Source: Tradingview
Also, the CMF (Chaikin money flow) was positive at 0.33, which shows higher buying pressure. It showed that buying pressure dominated the market, with prices closing in the upper part of its daily range, which showed accumulation.
Equally, it indicated bullish market sentiment with an increased inflow in investments.
Source: Coinglass
Finally, according to Coinglass, TRX has reported a huge decline in liquidation for the last seven days. Liquidation for long positions has reduced from $457k on the 18th of June to $6.7k on the 24th of June.
This decline in liquidation indicated positive market sentiment, with long-time investors holding their positions while opening new positions.
Realistic or not, here’s TRX’s market cap in BTC’s terms
TRX bulls set to take over?
After overcoming the $0.120 trendline barrier and breaking free from the descending triangle, TRX will attempt to challenge the next resistance level of around $0.125.
However, if it fails to hold the support level of around $0.110, other corrections may push the prices down to around $0.098.
