Altcoins News
By James Thorp
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TRX Breaks Below Ascending Trendline. At the time of writing on Tuesday, Tron was trading around $0.
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On-Chain Data Signals Bearish Pressure. Beyond price charts, on-chain data provides additional evidence that TRX may be entering a…
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Derivatives Market Supports Bearish Outlook. Data from derivatives exchanges also aligns with the bearish picture.
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Technical Indicators Show Weakness. The technical landscape for TRX reinforces the case for caution.
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Key Support and Resistance Levels to Watch. Tron’s immediate price action suggests that $0.345 is acting as a short-term resistance level.
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Broader Market Context. Tron’s struggles come amid a mixed landscape for altcoins.
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Outlook: Correction Likely Before New Attempt Higher. In the near term, the balance of evidence suggests that Tron is more likely to correct than to…
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Tron (TRX) price action is beginning to signal a potential market shift after weeks of bullish momentum.
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At the time of writing on Tuesday, Tron was trading around $0.345, following a rejection near its yearly high of $0.370 just days earlier.
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This break is notable because the trendline had been supporting TRX’s rally since June 22. Losing this level suggests a shift in market structure from bullish to bearish, raising…
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This metric tracks the cumulative difference between market buy and sell volumes over a three-month period.
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Since mid-August, this negative trend has intensified, suggesting a steady increase in bearish sentiment among traders.
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Data from derivatives exchanges also aligns with the bearish picture. Coinglass funding rate data shows TRX’s funding rate has flipped negative, currently reading 0.0026%.
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When funding rates turn negative, it means short positions are paying longs, reflecting a market where traders are leaning toward further downside.
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Combined with the negative Spot Taker CVD, the derivatives market highlights mounting pressure that could weigh on TRX in the short term.
The Currency Analytics
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