Main to remember
Tron slipped to $ 0.34 despite a strong increase in whale transactions. The sale of spots prevailed on the purchase, while the open interest has dropped. The financing rates remained positive, but the momentum indicators overthrew.
Since he reached $ 0.36, Tron (TRX) has faced high sales pressure, diving at $ 0.33. At the time of the press, TRX exchanged $ 0.34, down 3.18% during the day.
Surprisingly, despite a substantial drop in prices, the activity of the tron whales remained relatively high, according to Darkfost of cryptocurrency.
The average whale monthly transactions increased from 1.23 million in January to 1.43 million in August.
Source: cryptocurrency
Likewise, the average annual whale transactions increased from 1.20 million to 1.32 million. For comparison, TRX only recorded 582K monthly whale transactions in 2021.
Naturally, such a coherent accumulation often signals long -term confidence of large investors.
Sellers overwhelm the cash market
However, the sellers have dominated the cash market in recent days.
According to Coanyze, Tron recorded a negative purchase sales delta for three consecutive days. During the last day, the sellers discharged more than 650 million TRX.
Source: Coanyze
Consequently, the market recorded -197 million in Buy Sell Delta, a clear sign of aggressive points.
Likewise, exchange activities have echoed the same trend. After having recorded three consecutive days of a Netflow negative spot, the sellers were more numerous than the buyers.
Source: Coringlass
At the time of the press, Spot Netflow was $ 6.71 million. Historically, a higher exchange influx preceded an increase in downward pressure on assets, often a prelude to a drop in prices.
The long -term market sends mixed indices
While the market traced three days ago, investors withdrew the capital market capital.
According to health data, the interests open to aggregated Tron (OO) per scholarship decreased from $ 205 million to $ 177 million, when writing the editorial’s time.
Source: Santiment
When the OI reduces, it signals a reduced capital of capital and participation in the term market.
Meanwhile, Altcoin financing rates have mainly remained positive in the past two months. This implied that investors retaining positions are optimistic and mostly leave for a long time.
Source: Coanyze
In addition, the long / short ratio of TRX was 1.05, strengthening bullish prejudices among leverage traders.
The momentum weakens when the indicators turn around
Ambcrypto’s analysis suggested that recent gains have been fueled by whale activity. Now Momentum seemed to be fading while the sellers regained control.
Source: tradingView
At the time of the press, the tradingView data indicated a change of momentum for TRX, the positive directional movement index (DMI) falling to 24 and the negative DMI increasingly increasing to 48, signaling an increased lower pressure.
The Stochastic RSI also dropped to 12, after a lower crossing cross two days earlier, strengthening the downward trend.
If the sale pressure persists, TRX can retain the level of support of $ 0.328. However, the constant demand for whale investors could provide a cushion and potentially lead a recovery to $ 0.36.
