Tron (TRX) may be facing the risk of a significant pullback according to a report from CryptoQuant! 📉💔 While TRX has performed well so far this year, a recent analysis suggests that the TRX price is in a high-risk zone.
The analysis uses the 180-day Sharpe ratio, which can help identify potential market tops. 📊 TRX recently hit a new high of $0.224 on November 23, but it is now down 9.42% to $0.2035. This could be a sign that selling pressure is starting to emerge. 😬
Despite TRX’s impressive gains, data shows that demand in the derivatives sector is quite weak. TRX’s open interest reached $160.25 million on November 24, but it is still lower than its peak in August. 📉
Tron has also seen healthy activity on its network, with its highest volume reaching $158 million on November 12. However, it is still lower than August. 🔄 Tron’s total value locked (TVL) peaked at $7.58 billion, but remains well off the $10.51 billion it hit in March.
So, while TRX has performed well, there are signs that interest from whales and institutions may be waning. 🐋💔 Let’s see how things develop! $TRX
