Technical analysis
Charts bode bad for TRX but the tides seem to be changing for Tron but also for the whole altcoin market. Both on weekly and daily TRXBTC, Tron has been cemented in the descending channel that is currently ranging between 300 and 500 sats but tilts towards lower levels. Tron is right now attempting to bounce up a bit, and it did manage to close couple of green daily candles. However, the volume is still paltry but rising.
The 4h timeframe paints a different picture as TRX clearly enjoys higher volume and started creating green candles. First task for TRX is to climb back up into the descending channel by breaking this black resistance line. Volume and ATR (volatility) are evidently picking up which is further confirmation of a probable bull run.
Weekly chart looks still the same where we clearly see that TRX is welded in the descending channel whose shackles TRX needs to get rid off before it starts rising up again.
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Trading volume is big but questionable – reported volume in the last 24hrs is $649m and “Real 10” (trading volume on the exchanges that provably prevent wash trading) volume is of course much lower – $22 million. This means that TRX’s liquidity is highly inflated and overstated by whopping 28x which indicates that a lot of the alleged interest in TRX is manufactured and not organic.
Moreover, TRX comparatively has a solid buy support, according to coinmarketbook.cc. Buy support is measuring sum of buy orders at 10% distance from the highest bid price. This way we can eliminate fake buy walls and whale manipulation and see the real interest of the market in a certain coin. TRX currently has a sound $7m of buy orders measured with this method, which sets TRX buy support/market cap ratio at 0.49%, an above average value. Bitcoin and Ethereum have a 0.27% and 0.28% ratios, respectively. This novel metric indicates there are a lot of manipulations, inflated liquidity and fake orders on all crypto trading pairs, including TRX pairs.
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