The TRON (TRX) Price: Bearish Trend and Potential Retracement
The TRON (TRX) price has experienced a decline since July 22, breaking down from a short-term ascending support line. This bearish trend is reflected in the daily and six-hour timeframes.
Main Breakdowns:
- The TRX price has been trading within a range of $0.070 and $0.088 since May 20.
- Despite a breakout above the $0.088 area on July 22, the price fell back below it.
- The daily RSI is below 50, indicating a bearish trend.
- The short-term six-hour timeframe suggests a potential decrease before a possible upward movement.
- The breakdown from the ascending support line suggests a new movement in the opposite direction.
The TRX price may experience a retracement before potentially bouncing back. According to Elliott Wave Theory, the current wave C could lead to a low of $0.072 or even a further decrease to the next support at $0.066. However, if TRON gains momentum, it could reach the $0.088 resistance area again.
Hot Take:
While the TRON price currently faces a bearish trend and a potential retracement, there is still a possibility of a bounce back to the previous resistance area. Traders should closely monitor market conditions and the RSI to make informed decisions about accumulating or selling TRON.
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