Tron [TRX] attempts recovery: Traders should watch out for a retest of these supports

Tron [TRX] reversed 11 May losses but could stall near $0.06980 unless Bitcoin stays above $26.8k support.

The RSI’s value was 55 at press time – a bullish momentum that indicates buying pressure increased in the past few hours. Similarly, the OBV surged, confirming the increased demand in the same period.

However, price action hit the key resistance level of $0.06980 at press time. Previously, a price rejection was witnessed after the price hit this level; a reversal could be imminent if the trend repeats. If that’s the case, TRX could correct it to $0.06700 – a key support level in the first half of May. But near-term bears must watch out for the trendline support, slightly above $0.06700 and a previous consolidation range of $0.06422 – $0.06700 . These levels could stall the downtrend.

On the contrary, bulls could gain a upper hand if TRX closes above $0.06980. Such an upswing could fuel a likely retest of $0.07134 or a surge above the recent high.According to Coinglass, TRX’s open interest rate was $69.73 million on 1 April. At the time of press time, the figure stood at $71.23 million, a slight increment which denotes a mild bullish momentum in the first half of May.

However, the funding rates fluctuated in the same period, underscoring the wavering demand for TRX tokens in the same period. This could undermine a strong uptrend and offer sellers slight leverage.

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