- TRON (TRX) shifts from sell pressure to buy pressure, favoring buyers as demand surpasses supply.
- Despite strong support, TRX remains 38% below its all-time high but continues to consolidate above $0.25.
- TRX faces weak resistance between $0.27 and $0.31, suggesting it could soon break past these levels.
TRON (TRX) has seen a new trend in its market trends. Cryptocurrency has gone from facing sell pressure, to being supported by buy pressure now. This change is visible in the Buy/Sell Pressure Delta on CryptoQuant which shows how buying and selling pressure has changed over the last 90 days. That has led to buyers being favored, since demand for TRX has surpassed the supply.
Source: CryptoQuant
In the past, a climb in demand usually indicates prices are beginning to reach their peak. For TRX, this process hasn’t begun yet. Still, the cryptocurrency has a strong chance of going higher. However, even now, the bulls are in charge and TRX still hasn’t experienced the price pullback many have predicted. These results may encourage investors that TRX will keep its upwards trend.
TRON Shows Strong Support
Although prices for TRON and many other altcoins have consolidated, the coin is one of the few in the top 10 that has risen this year. Nonetheless, it is still 38% below its highest ever value. So far this month, TRX has stayed level above $0.25 without experiencing major drop-offs. Its regular performance proves the strong presence of the support.
The price of TRON has remained unchanged lately due to the good support area around $0.23 and $0.26. Based on IntoTheBlock’s IOMAP, there are more holders at the current price with profits than losses yet to be realized. Approximately 3.67 million addresses acquired billions of TRX coins during the price surge between $0.24 and $0.25. With a lot of coins above the breakeven point, the bullish case for TRX is reinforced.
Source: IntoTheBlock
TRX Eyes Break Above $0.31
Even more evidence of support is shown by the fact that fewer coins were bought between $0.27 and $0.31 than in the $0.24-$0.25 range. Since the sell-wall here is not very strong, TRX may soon manage to rise above these levels. Since there isn’t strong resistance at this price, it is more likely to see the price go over $0.31 at some later point.
Source: TradingView
Although there is a lot of support, it looks like TRX could have difficulty breaking through $0.31 soon. Fluctuations of crypto from $0.21 to $0.27 indicate that there is the same level of impact from bulls and bears. The Awesome Oscillator (AO) which measures how momentum in the market is changing, still shows positive results. However, bullish power may be decreasing after the last few red histogram bars on the AO. If this persist, TRX could be trading in a horizontal pattern soon.
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