Tron (TRX) Price and Market Overview
Tron (TRX) is trading above $0.3361 as of Thursday. The price fell by over 1.7% today. This drop reflects a general slowdown in the crypto market.
Tron Derivatives and Spot Volume Trends
Data shows that interest in Tron’s futures is decreasing. Futures Open Interest (OI) averaged $404 million after peaking at $638 million in late August. OI measures the total value of open futures contracts. A decline in OI suggests traders are less confident in price gains. This often signals a possible longer price drop.
Tron’s spot trading volume is also cooling. This may mean selling pressure is near its peak. According to CryptoQuant, such low volume often happens before a big price move. It could be a sign that buyers are starting to accumulate TRX.
User activity on Tron remains stable. About 2.61 million addresses used the Tron blockchain on Thursday. This is up from 2.37 million on Monday. Active addresses show how many users send or receive tokens. A steady or rising number suggests strong demand for TRX.
Technical Analysis: Tron Faces Downside Risk
Tron is close to breaking below short-term support at $0.3361. Investors are cautious due to weak market sentiment. Key indicators like the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) point to a bearish trend.
The RSI dropped to 38, indicating selling pressure. The MACD also shows a sell signal, urging traders to reduce risk. Tron is trading below important moving averages on the 4-hour chart. These include the 50, 100, and 200-period EMAs near $0.3400, which act as resistance.
If Tron falls below $0.3061, it could lead to a larger sell-off toward $0.3299. However, the low spot volume might help prices recover quickly after dips.
