Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
- The market structure and momentum favor TRX bulls for now.
- The momentum could change in the $0.078-$0.08 territory.
While TRON [TRX] has soared over the past week, its higher timeframe structure was not as strongly bullish. The 1-day chart of TRX was in an uptrend since March, but the bullish advance was halted abruptly in early June.
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This retracement fell below May’s lows and was a sign of intent from the sellers. If TRON bulls can drive prices past $0.08, the former uptrend could resume.
The resistance at $0.078 has been significant for TRX since late May
![TRON [TRX] set to climb to the early June resistance- but can it break past?](https://statics.ambcrypto.com/wp-content/uploads/2023/06/PP-2-TRX-price-1.png)
Source: TRX/USDT on TradingView
The H4 chart of TRX showed a bullish market structure after the price breached the lower high at $0.0728. This happened on 22 June. Since then, TRON has registered a series of higher lows and higher highs on the chart, indicating an uptrend in the past week.
At the same time, the RSI remained above neutral 50 to highlight bullish momentum. Yet, the MACD of TRON in the 4-hour timeframe showed that this momentum was not firmly in favor of the buyers. The market has trended upward but also saw a good amount of pullbacks on the lower timeframes. This underlined the volatility of the past ten days.
The CMF was well above +0.05, showing heavy capital flow into the market. To the north, the $0.078 represented a resistance as well as a lower high on the daily chart. A breach of this level would shift the higher timeframe bias as well; therefore, it is a crucial level for traders.
Realistic or not, here’s TRX’s market cap in BTC terms
The rising Open Interest signaled bullish sentiment but the funding rate found otherwise
![TRON [TRX] set to climb to the early June resistance- but can it break past?](https://statics.ambcrypto.com/wp-content/uploads/2023/06/PP-2-TRX-coinalyze-1.png)
Source: Coinalyze
The 1-hour chart from Coinalyze highlighted the spot CVD in an uptrend. However, as the H4 MACD suggested, this uptrend has not been strong but rather the bulls had to fight every inch of the way. The Open Interest also rose gradually, although the pullbacks in TRX prices saw the OI dip.
The funding rate was negative for most of the past three days. This showed the bears were in the majority, but the situation could change soon as the funding rate pierced above 0 at the time of writing.