TRON (TRX) faces a pivotal moment as increased selling pushes its price down to around $0.3444. While the technical indicators signal bearish indications, the $0.32 level is a potential support area. Holding this base could generate a bounce towards $0.433 and sustain long-term positive momentum.
TRON declined by 1.19% in the last 24 hours and was at $0.3440. The market cap of the token went down to $32.56 billion, and the active market cap was slightly higher at $34.41 billion. Trading activity weakened notably, with daily volume declining 19.07% to $825.25 million.
As per a recent post on X, the short-term outlook is weak as TRX is trading lower than its 5, 10, and 20-hourly moving averages. Bears maintain dominance, limiting bullish recovery efforts.
RSI gets close to the oversold line, forecasting a bounce-back, while MACD continues giving a bearish momentum and investor warning for more declines.
The significant support is at $0.3439, an area crucial for stabilisation. If this level holds, a bounce attempt by buyers is feasible. However, rejection at higher zones remains possible, with $0.3500 marked as resistance.
Despite the pullbacks, the broader market structure of TRON is bullish. The $0.32 level becomes a crucial pivot and offers a base for continuation potential. Staying above it also strengthens the long-term positive.
Crypto analyst DeLord also pointed out that TRX maintains a steady uptrend formation. He also emphasizes that the structure is favorable for gradual growth toward higher levels. For bulls, $0.32 is a line in the sand. Retaining this level successfully may drive the next wave of upward movement for TRON.
A rebound from $0.32 can set the stage for a move towards $0.433 resistance. The region aligns with broader resistance around TRON’s all-time highs. If momentum accelerates, TRX could re-enter a trending phase.
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TRX registered a fall in trading volume by 4.45% to $300.57 million, and Open Interest reduced slightly by 3.74%, reaching $506.19 million. The drop in OI indicates some traders are closing positions, reflecting caution in the marketplace despite the recent strength in prices.
The OI Weighted funding rate for now is at 0.0022%, exhibiting a balanced long/short position sentiment. The rate is low, implying there is no significant leverage among the traders, and this points towards a stable market behavior and low risk for sudden liquidations in the near future.
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