TRX could face another price rejection at the bearish OB on H12. Bulls can consider seeking re-entry at this level...
in total value locked. But TRX’s price action remained within the whims of market sentiment, especially the BTC price movement.At the time of writing, TRX’s price action rebounded near the $0.07858 level after rejection at the bearish order block of $0.0826 – $0.0858 on the H12 chart. Bulls still aimed at the bearish OB and could falter again if the roadblock proves sticky to crack.
A likely drop could ease the confluence area of $0.0786 and the ascending trendline support. Notably, the ascending trendline has been at a crucial support level since mid-June. A drop and likely rebound at the confluence area could offer bulls re-entry for long positions targeting the bearish OB. A breach of the ascending trendline support will invalidate the bullish thesis. Such a breach could make a retest of $0.7500 feasible.
Meanwhile, the Average Directional Index was above 20, and the Chaikin Money Flow was above the zero mark, indicating a strong uptrend and capital inflows for TRX. But the RSI retreated from the overbought zone but eased near the 60 marks, reinforcing that buying pressure was still present.
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