- Purchasing pressure was lukewarm, even when Tron tested the reach of 2025 high.
- Increased spot sales can be an early sign of a trend removal.
Tron [TRX] managed to close a daily trade session above the level of $ 0.274 twice in the last ten days. On both occasions, the price of the token saw a retracement to the support level of $ 0.266.
The bulls and bears fought high at $ 0.274 for the range of five months. Until now, neither a clear outbreak nor a decisive rejection has taken place.
The evidence suggested that a bearish turn was more likely, especially as Bitcoin [BTC] falls under the demand zone of $ 102K.
Source: TRX/USDT on TradingView
The TRX range Low was at $ 0.22 and the middle range level was $ 0.2475. Towards the end of April, Tron had a similar consolidation phase around the middle range before a bullish breakout. The Bulls had also retained the same central reach level in February.
Current consolidation around 0.27- $ 0.275 saw the OBV in recent weeks. Just like the price, the OBP also recently lacked a trend.
An increase in buying pressure next to a movement than $ 0.274 would be a reliable sign of a strong outbreak.
Data shows that Tron might have trouble breaking the local highlights
Source: Cryptoquant
The commercial volume of the Spot -Taker has been turned around to indicate a Talker who sells dominant phase.
The metric measures the cumulative difference in Spot Take Buying and selling volumes for 90 days. It was positive and grew in the first half of May, but started to turn around for the past ten days.
Source: Coinglass
An investigation of the 1 -month liquidation heating showed that TRX would probably fall to $ 0.255 or lower, up to $ 0.24. There was a cluster of liquidity around the local lows that were made in May that could attract prices in search of liquidity.
The level of $ 0.282 also had a high concentration of short liquidations, which could be hunted in the coming days. Traders must be on their guard to go for a long time at $ 0.28 and go too short around $ 0.255.
Disclaimer: The presented information does not form financial, investments, trade or other types of advice and is only the opinion of the writer
Credit : ambcrypto.com
