Tron is approaching a critical level at $0.1597 as the chance of a rising wedge breakdown increases. Can buyers initiate a reversal, or is a further decline imminent?
Tron at a Crossroads Amid Market Volatility
As the crypto market experiences significant ups and downs among altcoins, Tron is currently trending down. If it fails to break above the $0.1686 mark, TRX risks falling below $0.160.
A breakdown of the rising wedge pattern on the daily chart could lead to nearly a 10% drop for Tron. The key question is: Will the bulls step in and maintain support at $0.1597?
Tron Price Analysis
On the 4-hour chart, Tron's price action shows an unsuccessful attempt to break through the $0.1686 resistance. This failure has resulted in a bearish "evening star" pattern followed by six consecutive red candles.
Tron’s Price Action Chart
Bearish momentum has led to a 4.29% decline from $0.1693 to the current price of $0.1620. The downtrend is approaching a short-term support trendline near the 23.60% Fibonacci retracement level at $0.1597.
On a larger scale, the prevailing upward trend in TRX’s price action reveals a rising wedge pattern. Within this wedge, the recent reversal formed a double top with a neckline at $0.1463.
Increased bearish pressure has caused a negative crossover between the MACD and its signal line on the 4-hour chart. Additionally, the MACD histogram indicates rising negative momentum, and the RSI has dropped below 50%, signaling increased selling pressure.
Will Tron Stay Above $0.1597?
For a potential reversal from the 23.60% Fibonacci retracement level ($0.1597), the price needs to break above the 38.20% Fibonacci level at $0.1686 to maintain an upward trend. Although the odds of a rise are low, a broader market recovery could drive Tron’s price higher.
If this happens, further resistance levels for TRX are at the 50% and 78.60% Fibonacci levels, at $0.1762 and $0.1959, respectively.
A drop below the local trendline is likely to complete the double top pattern, which could lead to a significant downturn for Tron. A decline below $0.1597 would push the asset down to $0.1463, representing nearly a 10% drop.
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