TRX Price Set to Snap at $0.33, Near-Term Flush Expected

The price of TRX has been locked in a tight compression at $0.33 for several days, with aggressive sellers dominating the market despite a crowded long book.

This setup is indicative of a near-term flush, which is expected to occur within the next 7-10 days, according to Blockchain.news.

The technical indicators are also pointing towards a bearish scenario, with momentum having gone flat and the MACD histogram printing zero. The RSI at 57 keeps this from being an outright short signal, but the stochastic is showing signs of divergence, which often resolves to the downside.

The taker buy/sell ratio at 0.70 is also a key data point in this setup, indicating that sellers are distributing into the crowded long book and pushing prices down.