• Tron (TRX) recently reclaimed its $0.076 – $0.078 support zone, which could present a risky long opportunity for traders.
• Buyers have gained control of the market, as seen by positive slopes in CVD and Open Interest rates.
• However, traders should keep an eye on Bitcoin’s price action and TRX’s correlation to BTC before making any trading decisions.
Risky Long Play for TRX Traders
Traders looking to get involved with Tron [TRX] may be presented with a risky long opportunity due to the token’s recent reclaiming of the $0.076 – $0.078 support zone.
Market Control Gained by Buyers
Recent signs suggest that buyers have been steadily gaining more control over the market, as indicated by positive slopes in both Cumulative Volume Delta (CVD) and Open Interest (OI) rates.
Watch Out for BTC Price Action
While it is possible that TRX has decoupled from Bitcoin [BTC] this past week, traders should still take caution when entering a long position as there are signs of re-coupling between the two tokens, along with BTC’s weak performance in general.
Trade Set-up
If bulls can continue their push forward, then the next resistance level at $0.080 may be achievable; however, a candlestick session close below the support zone ($0.076 – $0.078) would invalidate this set up entirely and present further downside risk for those who enter too early or too late into their positions respectively..
Conclusion
Overall, while taking a long position on TRX at its current support zone may appear attractive right now, traders should still consider all aspects before entering any trades – especially those concerning Bitcoin’s price action and TRX’s correlation to BTC – as these factors will ultimately determine whether or not this trade will turn out favorably or not for those who choose to enter it
