{"id":548814,"date":"2023-08-25T09:20:16","date_gmt":"2023-08-25T09:20:16","guid":{"rendered":"https:\/\/uniquehot.com\/?p=548814"},"modified":"2023-08-25T08:29:29","modified_gmt":"2023-08-25T08:29:29","slug":"tron-august-slump-reversed-will-bulls-get-what-they-want","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/tron-august-slump-reversed-will-bulls-get-what-they-want\/","title":{"rendered":"Tron Reverses August Slump As TRX Open Interest Climbs"},"content":{"rendered":"

Tron (TRX) has orchestrated an impressive recovery, bouncing back from last week’s dip of $0.07000 and regaining losses it incurred this month.\u00a0<\/span><\/p>\n

As of the latest data from <\/span>CoinGecko<\/span><\/a>, the TRX price currently stands at $0.076, despite a minor 1.2% decline over the past 24 hours. This resurgence follows a decent seven-day rally that has seen TRX gain 5.4%.\u00a0<\/span><\/p>\n

Delving into the technical analysis on a weekly timeframe, it becomes evident that TRON has been tracing an ascending support line since November 2022. This trajectory has been consistently validated through multiple instances, underscoring its significance.<\/span><\/p>\n

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TRX price action today. Source: Coingecko<\/a><\/pre>\n
Resistance Targets On Tron Radar<\/strong><\/h2>\n
Market analysts and enthusiasts are now setting their sights on potential price trajectories for TRX. Based on a comprehensive <\/span>price analysis<\/span>, bullish sentiment is prevailing as TRX bulls seem poised to take on the next resistance level at $0.080.\u00a0<\/span><\/p>\n
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TRX market cap currently at $6.8 billion. Chart: TradingView.com<\/a><\/pre>\n
Meanwhile, a noteworthy development has emerged within the derivatives market, adding a new dimension to TRX’s ongoing journey. This development revolves around the concept of Open Interest<\/a> rates, a critical metric that measures the cumulative value of outstanding derivative contracts.<\/p>\n
Over a recent period, from August 18 to the present moment, Open Interest rates have experienced a remarkable surge, escalating from approximately $45 million to a robust figure exceeding $51 million.<\/p>\n
\"\"<\/p>\n
Tron Open Interest. Source: Coinalyze<\/a><\/pre>\n
This surge in Open Interest rates carries profound implications, casting a spotlight on the prevailing sentiment among traders. The notable increase is indicative of a prevailing bullish outlook held by a substantial portion of traders and market participants. This surge essentially signifies that there is a widespread belief in the potential for further upward movement in TRX’s price.<\/p>\n
The significance of this rise in Open Interest rates transcends mere optimism. It’s also a concrete indicator of the broader market’s growing interest in TRX derivatives. This trend underscores a heightened willingness among traders to engage in derivative contracts linked to TRX, thereby enriching the trading landscape around the token.<\/p>\n
Balancing Act: Consideration Of Fluctuating Funding Rates<\/strong><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n
Despite these encouraging signs, market participants are cognizant of potential headwinds. Fluctuating funding rates, which denote the cost of holding positions in futures contracts, could introduce volatility and potentially impede a solid and sustained upward momentum in the short term.<\/span><\/p>\n
As TRX ventures toward key resistance levels, it faces the challenge of maintaining its upward trajectory while navigating potential dips. The derivatives market provides a favorable backdrop, but market players remain watchful of funding rate fluctuations. <\/span>The coming days will shed light on whether TRX can maintain its ascent and solidify its position.<\/p>\n
(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).<\/em><\/p>\n
Featured image from Zipmex<\/span><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"
Tron (TRX) has orchestrated an impressive recovery, bouncing back from last week’s dip of $0.07000 and regaining losses it incurred this month.\u00a0 As of the latest data from CoinGecko, the TRX price currently stands at $0.076, despite a minor 1.2% decline over the past 24 hours. This resurgence follows a decent seven-day rally that has seen TRX gain 5.4%.\u00a0 Delving into the technical analysis on a weekly timeframe, it becomes evident that TRON has been tracing an ascending support line since November 2022. This trajectory has been consistently validated through multiple instances, underscoring its significance. TRX price action today. Source: Coingecko Resistance Targets On Tron Radar Market analysts and enthusiasts are now setting their sights on potential price trajectories for TRX. Based on a comprehensive price analysis, bullish sentiment is prevailing as TRX bulls seem poised to take on the next resistance level at $0.080.\u00a0 TRX market cap currently at $6.8 billion. Chart: TradingView.com Meanwhile, a noteworthy development has emerged within the derivatives market, adding a new dimension to TRX’s ongoing journey. This development revolves around the concept of Open Interest rates, a critical metric that measures the cumulative value of outstanding derivative contracts. Over a recent period, from August 18 to the present moment, Open Interest rates have experienced a remarkable surge, escalating from approximately $45 million to a robust figure exceeding $51 million. Tron Open Interest. Source: Coinalyze This surge in Open Interest rates carries profound implications, casting a spotlight on the prevailing sentiment among traders. The notable increase is indicative of a prevailing bullish outlook held by a substantial portion of traders and market participants. This surge essentially signifies that there is a widespread belief in the potential for further upward movement in TRX’s price. The significance of this rise in Open Interest rates transcends mere optimism. It’s also a concrete indicator of the broader market’s growing interest in TRX derivatives. This trend underscores a heightened willingness among traders to engage in derivative contracts linked to TRX, thereby enriching the trading landscape around the token. Balancing Act: Consideration Of Fluctuating Funding Rates Despite these encouraging signs, market participants are cognizant of potential headwinds. Fluctuating funding rates, which denote the cost of holding positions in futures contracts, could introduce volatility and potentially impede a solid and sustained upward momentum in the short term. As TRX ventures toward key resistance levels, it faces the challenge of maintaining its upward trajectory while navigating potential dips. The derivatives market provides a favorable backdrop, but market players remain watchful of funding rate fluctuations. The coming days will shed light on whether TRX can maintain its ascent and solidify its position. (This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk). Featured image from Zipmex<\/p>\n","protected":false},"author":557,"featured_media":548840,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[142,1144,8686,4735,11808,86464],"class_list":["post-548814","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-altcoins","tag-btcusd","tag-ethusd","tag-price-action","tag-tron","tag-trx-price"],"acf":[],"yoast_head":"\nTron August Slump Reversed - Will Bulls Get What They Want?<\/title>\n<meta name=\"description\" content=\"Tron (TRX) has orchestrated an impressive recovery, bouncing back from last week's dip of $0.07000 and regaining losses it incurred this month.\u00a0 As of the\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/uniquehot.com\/news\/tron-august-slump-reversed-will-bulls-get-what-they-want\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tron August Slump Reversed - 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But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn. Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats \u2013 a testament to his dedication to his furry companions (more on that later). Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin\u2019 helps him analyze and write meticulously formatted articles even better. Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies. Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects. So, the next time you tread into the world of cryptocurrency, remember the man behind the words \u2013 the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.","sameAs":["jomarjet01"],"url":"https:\/\/uniquehot.com\/author\/jomarjet01\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Tron Reverses August Slump As TRX Open Interest Climbs","url":"http:\/\/uniquehot.com\/news\/tron-august-slump-reversed-will-bulls-get-what-they-want\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/tron-august-slump-reversed-will-bulls-get-what-they-want\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/08\/a-153.png?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/08\/a-153.png?fit=753%2C410"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Christian Encila"}],"creator":["Christian Encila"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["altcoins","btcusd","ethusd","price action","tron","trx price"],"dateCreated":"2023-08-25T09:20:16Z","datePublished":"2023-08-25T09:20:16Z","dateModified":"2023-08-25T09:20:16Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Tron Reverses August Slump As TRX Open Interest Climbs\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/tron-august-slump-reversed-will-bulls-get-what-they-want\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/tron-august-slump-reversed-will-bulls-get-what-they-want\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/08\\\/a-153.png?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/08\\\/a-153.png?fit=753%2C410\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Christian Encila\"}],\"creator\":[\"Christian Encila\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"altcoins\",\"btcusd\",\"ethusd\",\"price action\",\"tron\",\"trx price\"],\"dateCreated\":\"2023-08-25T09:20:16Z\",\"datePublished\":\"2023-08-25T09:20:16Z\",\"dateModified\":\"2023-08-25T09:20:16Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/08\/a-153.png?fit=753%2C410","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/548814"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/557"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=548814"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/548814\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/548840"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=548814"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=548814"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=548814"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}