Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnAISquareMore
Tron (TRX) Set to Lose Bull Market Support Floor on Investors Demand

Tron (TRX) Set to Lose Bull Market Support Floor on Investors Demand

BeInCryptoBeInCrypto2024/07/21 17:35
By:BeInCrypto

Tron’s ( TRX ) price made splashes during the second week of July as it shot up but lost momentum soon after.

Now, considering investors’ behavior and the market’s declining demand, the path forward for TRX does not look very bright.

Tron Investors Lose Bullishness

Tron’s price noted a drop in price a few days ago but has stabilized since then. However, this may not continue down the line. This is because TRX’s Moving Average Convergence Divergence (MACD) is exhibiting a potential decline. The indicator has recorded its first bearish crossover in more than a month and a half. 

This technical signal often marks the beginning of a downward trend. It suggests that the asset’s recent upward momentum might be waning.

Additionally, Tron’s funding rate has turned highly negative. A negative funding rate occurs when the cost to maintain long positions is lower than for short positions.

It is an indication that more traders are betting on a price decline. This imbalance suggests a prevailing bearish sentiment among market participants.

Overall, the combination of the bearish MACD crossover and the negative funding rate highlights growing pessimism among investors regarding TRX’s near-term price performance . These indicators point to a potential shift in the market, with a larger number of traders expecting a downturn in the asset’s price.

Read More:  What Is TRON (TRX) and How Does It Work?

TRX Price Prediction: Fulfilling Demand

Tron’s price after failing to establish a new year-to-date high. The altcoin is currently changing hands at $0.134, which is above the support of $0.131. This level coincides with the 61.8% Fibonacci Retracement line.

This Fib line is also known as a bull market support floor and tends to support the recoveries noted. Losing it tends to extend the drawdown significantly, but that may not be the case, and TRX could remain consolidated at under $0.136.

Read More:  TRON (TRX) Price Prediction 2024/2025/2030

But on the off chance that Tron’s price breakout of the 61.8% Fib line, the altcoin would have another shot at the rally. This would also invalidate the bearish thesis.

0
0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

Understand the market, then trade.
Bitget offers one-stop trading for cryptocurrencies, stocks, and gold.
Trade now!

You may also like

From the Token Frenzy to the $1.3 Trillion AI Server Blue Ocean: AI Inference Computing Power Fully Explodes, Industry Leaders like Dell Usher in the Golden Era of "Volume, Price, and Market Share"

Leading global AI server cluster manufacturers such as Dell are simultaneously benefiting from two major growth dividends: the accelerated expansion of the AI server market and a significant increase in the order shares from core AI cloud computing customers, including large enterprises and new cloud providers. They are not merely passively profiting from hardware price increases.

智通财经2026/09/17 04:36
From the Token Frenzy to the $1.3 Trillion AI Server Blue Ocean: AI Inference Computing Power Fully Explodes, Industry Leaders like Dell Usher in the Golden Era of "Volume, Price, and Market Share"

GPU Cloud Services Surge in Price: Nebius Raises Prices Again by 20%, Computing Power Supply Side Gains Bargaining Power

From October 1st, Nebius will raise prices for its entire GPU cloud service line by approximately 20%, with multiple chips from H100 to B300 seeing increases. This marks the second round of price hikes in recent months, and the cumulative increase for B300 has reached 56%. Demand visibility extends beyond 24 months, with customers eager to purchase Blackwell computing power, even willing to pay a premium in auctions. The supply-demand imbalance for AI computing power is reshaping the entire industry’s negotiation landscape, as bargaining power is quietly shifting to the supply side.

华尔街见闻2026/09/17 04:26