Tron [TRX] may be flashing signs of a potential pivot and buyers should…

ambcrypto.com:

TRX holders had an unfortunate streak since mid-August as the bears asserted dominance. However, their luck might be about to change. The cryptocurrency is trading at a significant discount and on top of that, there are signs that it might be headed for a bullish pivot on the charts.

TRX, at press time, was attempting to bounce from a weekly low of $0.058. This level seemed to be around the same bottom range where the cryptocurrency found support between February and April this year. The chances of a bounce from the same level are high, especially now that it is trading within the same zone.

Source: Santiment

The likelihood of a bounce from support is further strengthened by the Price to RSI divergence. Its RSI demonstrated relative strength, despite the bearish price performance over the last few weeks.

This divergence confirmed that the price has been building up buying pressure and is bound to pivot.

Some of TRX’s on-chain metrics also pointed towards a similar conclusion. For example, demand in the derivatives markets has improved over the last few days.

Both the Binance and FTX funding rates are up since mid-September too.

Source: Santiment

The funding rates observation is important because it confirms that the sentiment in the derivatives market is changing. Such observations usually go hand-in-hand with the demand in the spot market and adds to previous observations.

The level of demand for TRX in the market, currently, is relatively low. This is often the case after a cryptocurrency is attempting to pivot from a bearish trend, especially in the absence of a strong catalyst.

We can, however, observe an increase in TRX’s stablecoin supply held by whales, as well as the development activity metric.

Source: Santiment

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