#TRX price’s long running bull run could end soon unless bulls are able to hold a key support level.
On the daily chart, the coin has formed a rising broadening wedge, a popular reversal sign in technical analysis. This pattern is characterized by an ascending trendline that connects several lower highs and another one that connects a few higher highs.
Therefore, Tron bulls will need to ensure that the Tron price remains above the lower side of this pattern in the near term. This lower side also coincides with the strong pivot reverse point of the Murrey Math Lines and the 50-day Exponential Moving Average (EMA).
A break below that level will be a sign that bears have prevailed, opening the possibility of it dropping to $0.1462, its lowest level on September 6. This target is about 10% below the current level and is along the major S/R pivot point. It is also a few points above $0.1450, its highest swing in February this year.
The TRX price forecast will be invalidated if Tron rises above the Weak, Stop & Reverse point at $0.1647. If this happens, it will bring the upper side of the wedge pattern at $0.17 to view.
