$157 Million TRON (TRX) Traded, But Price is Stuck: Heres Why
- TRON (TRX) shows stability at $0.2480 with $157M in trading volume, indicating strong trader interest despite minimal price movement.
- Technical indicators are mixed, but market sentiment remains balanced.
- The 38.2% Fibonacci retracement signals room for recovery, while $0.2400 acts as critical support if selling pressure rises.
Latest figures from TradingView show that the TRON (TRX) market is showing stability because its price has not varied much over the last 24 hours. TRX is now trading at $0.2480.
However, its volume of trading remains healthy at $157.18 million, suggesting that there remains steady demand for the token from traders.
Technicals Mixed on TRON (TRX) Outlook
Its relative strength index (RSI), a tool that measures whether an asset is overbought or oversold, is currently at 14. This low RSI value indicates that the token is oversold.
Hence, buyers could start taking positions to buy at low prices. The moving average convergence divergence, or MACD, shows something different.
The MACD setup right now points to a small bullish crossover. The MACD line looks ready to cross above the signal line. Traders often see this as a sign to buy.
MACD and RSI. Source: TradingView
Also, the tight spread between the buy and sell prices indicates a balanced market. Hence, theres no clear control of the market by the bulls or the bears. Based on the smaller buy order at $0.0001, theres some speculative interest at lower prices.
However, this interest has minimal impact on the broader market. In addition, TRXs Fibonacci level of 38.2% suggests that it has room to recover towards higher levels.
Traders use the Fibonacci retracement level to identify possible price reversal levels.
Fib. Levels. Source: TradingView
Impact of Market Trends on TRXs Price
Besides the technical analysis, economic factors, Bitcoins price movement and the wider crypto market conditions can affect TRXs price in unique ways. Upgrades in technology and new partnerships within the TRON ecosystem have played a role in keeping TRXs price stable.
If buying pressure increases, TRX might bounce back. Should the selling pressure increase, TRX will find its next crucial support at the $0.2400 level.
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Read more: https://www.tronweekly.com/157-million-tron-traded-but-price-is-stuck/
Text source: TronWeekly
