Tron price continues to decline [TRX] Increased negative bias against crypto assets and new data from feelings open.
Data from CoinMarketCap showed that the price of TRX fell 17.28% year-on-year. As the decline continues, TRX investors remain pessimistic about prices rising significantly in the near term.
according to feelingsHistorically, the growth in the negative bias against a crypto asset is an indication that the bottom of that asset is near. Continued capitulation, according to the blockchain research firm, “could soon lead to price gains.”
TRX bulls are looking forward to recording a scream
At the time of writing, TRX is trading at $0.06286. On the daily chart, the price of the asset has been rising in an uptrend since September 29th. So far this month, the price of TRX is up 2%, according to data from CoinMarketCap.
The growth in the price of the asset corresponds to the intersection of the MACD line and the trend line in an uptrend. This indicates that a new upward cycle will start in late September.
With the price of TRX continuing to rise, the dynamic (green) line of Chaikin Money Flow (CMF) has risen from below its midline (red) to sit above it at 0.07 at press time.
Only a significant increase in buying pressure could affect such a move in the asset’s CMF in less than a week.
Additionally, the Relative Strength Index (RSI) was located at 57.40 at press time in an uptrend. With the influx of buyers on TRX over the past few days, the index moved from below the neutral 50 zone to settle above it.
In a similar trajectory, the Money Flow Index (MFI) is pegged at 61.88 at press time.
TRX buyers were in control of the market at the time of this piece of news, as evidenced by the Directional Movement Index (DMI) website. The strength of buyers (in green) at 20.48 was much higher than that of sellers (in red) at 14.95.
On the daily chart, the price rally over the past few days has created a rising wedge. This is usually followed by a decrease in prices.
TTherefore, investors looking to trade with and against the market should be on the lookout for the reversal.