- Pin
- What are the Gate Post Community Growth Points? Learn how it works and what rewards you can get! 👇
- 👀 #GateCryptoGiveaway# - Whose eyes are these?
Memecoin Quiz: Guess the memecoins based on the eyes below!
💰 $10 Points * 4 winners
To join:
1️⃣ Follow Gate_Post
2️⃣ Like this post
3️⃣ Drop your answer in the comments
📅 Ends at 04:00 AM, Jun 7 (UTC)
TRON (TRX) fell sharply after reaching the 0.28 dollar mark, has the bullish trend ended?
According to the Buy/Sell Pressure Differential indicator over 90 days, TRON (TRX) has returned to the buying pressure zone, indicating that demand is outpacing supply again. This is a notable shift compared to the previous neutral state, suggesting a potential change in market sentiment. In the past, such transformations have often signaled the beginning of a trend formation.
However, this signal alone is not enough to confirm a sustainable upward trend. The upcoming sessions will be a test to see if the bulls can regain and maintain momentum.
The open contract (OI) increased by 7.04%, reaching 327.41 million dollars, while the trading volume surged over 31%, reaching 499 million dollars. These figures indicate a strong increase in activity in the derivatives market, signaling that many traders are preparing for upcoming volatility.
However, the upward momentum has not yet been accompanied by a clear trend towards Long or a high funding rate ( funding fee ), indicating that the level of confidence remains only at an average level.
At the same time, data from Sentora ( previously known as IntoTheBlock) shows that 70.41% of TRX holders are currently in profit, further reinforcing the market structure in a positive direction.
However, addresses buying TRX at prices above $0.274 are likely to take profits as prices rise, forming a resistance zone that limits short-term upward momentum. These potential resistance zones may cause short-term investors to hesitate. Although the current profit provides some cushion, it also increases the likelihood of a price correction.
Data on wallet concentration shows small yet significant changes. Whales have increased their holdings by 0.57% over the past 30 days, while long-term investors have added 4.17%.
On the contrary, participation from retail investors has decreased by 3.37%, indicating that short-term traders are withdrawing. This divergence often reflects increasing confidence from experienced investors while speculative activities are weakening.
Observing on-chain data, transaction activity has increased across all segments, particularly in high-value transactions. The number of transactions in the range of 1 million to 10 million dollars has doubled, while transactions from 100,000 to 1 million dollars have increased by over 30%.
Even small transactions under $100 have seen a slight increase, indicating a renewed interest among all users.
These sudden spikes signal an increasing level of participation and accumulation is taking place. However, this demand needs to be sustained over multiple trading sessions to reverse the current downward trend and shift into a strong upward momentum.
Technically, TRX has been stuck in a rectangular pattern with a trading range of $0.23 to $0.278 since January. The recent bullish surge approaching the upper boundary at $0.278 coincides with the RSI around 66.8 — indicating strong upward momentum, but also nearing the short-term overbought threshold.
If TRX can close a confirming candle above this resistance level, the sideways structure will be broken, opening up the possibility of rising to the next target levels of $0.302, and it may even reach $0.34 based on the Fibonacci extension.
However, if it cannot break through, TRX is likely to be rejected once again and continue to move within the current sideways price zone.
TRX has been rejected at the upper boundary of the 5-month accumulation zone at the level of $0.278. If the bulls can decisively break out above this level, the price will continue to rise to the zone of $0.3–0.34. Conversely, this would indicate that the sideways trend is still ongoing.
With the RSI index not yet reaching the overbought threshold and trading volume increasing, current conditions lean more towards the possibility of a bullish breakout rather than returning to the lower consolidation range.
Dinh Dinh