- TRX price shows strong selling pressure on the volume indicator.
- Tron printed a shooting star pattern on the 4-day chart.
- Invalidation of the bearish thesis is a close above $0.092.
Tron price shows significant sell signals on higher time frames. Traders should be careful.
Tron price shows a Wyckoff distribution pattern
Tron price is currently trading at $0.08 as the crypto market as a whole is producing a stalemate this Tuesday. Illiquid market days usually provide investors time to review cryptocurrencies in search of subtle trend changes and anomalies. When reviewing the TRX price, the 4-day chart shows smart money’s hands are heavily involved with bearish confidence.
Tron price produced a shooting star pattern on the 4-day chart, which was accompanied by the highest historical volume to date according to Ku-Coin Exchange’s Volume Profile indicator. Such a large increase in transactions with little price movement to show for it is a typical anomaly that many technical analysts refer to as a Wycoff distribution pattern. If the technicals are correct, highly leveraged institutional traders will not release their sell orders until TRX price reaches the $0.05 liquidity zone.
TRX/USDT 4-Day Chart
Invalidation of the bearish thesis is a closing candle above the shooting star pattern at $0.092. If the bulls can produce said price action, a rally towards $0.12 could occur, resulting in a 50% increase from the current Tron price.