in recent weeks and reached the 4.8 million daily transactions milestone. Developments in 2023 meant that we could see a surge in organic demand for TRX, which can benefit holders massively in the long run. But is this sentiment reflected in the price charts?At press time, TRX was valued at $0.08368. On the 1-day chart above, the red box represented a bearish order block from the weekly timeframe that was formed in late May 2022. This region extended from $0.076-$0.092.
The daily timeframe noted three rejections at the $0.0858 resistance level in the past three months. Therefore, despite the bullish market structure of TRX on the D1 chart, it is likely that we will see another rejection at the resistance. The RSI was at 69 and showed strong bullish momentum, in agreement with the price action structure. The OBV was in an uptrend as well. This trend stretched back to mid-March and was evidence of steady buying pressure despite the depressed sentiment across the market.After 31 August, the Open Interest chart noted a slow but discernable rise that continued to the present day. This came alongside a rally from $0.075 in the past two weeks.
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