$TRX is ready to decline:
Based on the chart provided, there are signs that TRX/USDT could be setting up for a potential decline. Here's why:
Bearish Indicators:
1. Price Near Resistance:
The price recently tested a resistance around $0.1830 but failed to break it.
Currently trading below the EMA(7) ($0.1802), showing weakening momentum.
2. Stochastic RSI:
STOCHRSI at 35.85 suggests that it’s moving toward the oversold zone, but there’s still room for more downside before hitting extreme levels.
3. RSI (6):
RSI at 45.32 indicates weak momentum and leans slightly bearish.
4. Volume:
Declining volume can indicate weakening buying pressure, setting up for a potential drop.
Key Levels to Watch:
Support at $0.1790: If broken, the price could decline to $0.1745 or lower.
Resistance at $0.1830: If it fails to test this again, it confirms bearish pressure.
Conclusion:
Yes, the setup suggests TRX/USDT is ready for a potential decline unless there’s a sudden surge in buying volume. Watch for a break below $0.1790 for confirmation.
