Monday, July 22, 2024

TRX Price Pops While Bitcoin Treads Water – What’s Next for Tron?

© 2023 The CryptoApa, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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Tron left Bitcoin in the dust last week, flexing serious strength while the leading crypto slumped. TRX gained over 2% as BTC shed 0.34% – a bullish divergence signalling a potential trend reversal.

TRX is now poised to reclaim crucial support between $0.076 and $0.078. Holding this zone could springboard TRX to $0.080 next. The signs look promising for entry longs, but traders should proceed with caution.

TRX is flashing green. RSI stayed above 50 since August 22nd, reflecting growing upside momentum. Meanwhile, steady Chaikin Money Flow indicates sustained capital inflows. The bulls seem firmly in control.

But while TRX diverged from BTC’s movements last week, their fates remain tied. TRX-BTC correlation remains positive, so Bitcoin’s struggles could still sink TRX.

Losing the $0.076-$0.078 support would invalidate the long setup. TRX must hold this zone for the rally to continue. Tread carefully if Bitcoin weakens.

The overarching trend remains bullish for TRX. Since August 18th, rising Cumulative Volume Delta shows buyers dominating. And swelling open interest reflects increased derivatives demand.

But TRX isn’t out of the woods yet. Traders should watch for any Bitcoin breakdowns and prepare to cut losses if correlation strikes again. With prudent risk management, the good times may keep rolling for TRX.

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