TRON Price Prediction: Will the $0.27 Support Hold TRX from Further Decline?

The ongoing bearish trend for TRON (TRX) may cause the price to decline further, potentially reaching levels as low as $0.272 or even $0.245. This downward movement follows a significant correction in the cryptocurrency market, spurred on by Bitcoin's recent performance. However, signs of a possible bullish recovery from key support levels still loom.

Key Takeaways

TRON's price is predicted to experience a downward trend, possibly reaching $0.272 and $0.245 in the near future.
The token has been in a downtrend since mid-August, but there may still be opportunities for a bullish rebound from important Fibonacci retracement levels.
Recent market fear has hampered recovery efforts, but a report suggests that conditions may be ripe for a new rally.
After peaking at $0.2961 on November 3, TRX dropped by 6.6% to a low of $0.276.

Breakdown below psychological $0.3 level yields bearish TRON price prediction

Bearish Outlook for TRON as Prices Continue to Retrace

TRON 1-day Chart

The daily chart for TRON indicates that a cautious approach is warranted. The data reveals a predominantly bearish trend, particularly after the price fell below the key $0.3 level, which was significant in early October.

Currently, the On-Balance Volume (OBV) indicates substantial selling pressure, while the Directional Movement Index (DMI) reflects a solid downtrend, as both the -DI (red) and the Average Directional Index (ADX) (yellow) have surpassed the 20 mark. This suggests that TRX could continue to decline towards the next support zone, which lies between $0.264 and $0.269.

Despite these bearish indicators, it’s important to recognize that TRX is moving within a longer-term uptrend. The last major upward swing began in March and peaked in mid-August at $0.37. Based on this movement, key Fibonacci retracement levels suggest that necessary support could be found at $0.2717 and $0.245, indicating a likely target for the downward trend.

TRON 4-hour Chart

On the 4-hour chart, several critical entry points for traders can be identified. The $0.29 zone (highlighted in white) exhibits some imbalance within the timeframe, while the $0.296 to $0.298 range (marked in cyan) represents an order block. A revisit to these zones may elicit a bearish reaction. If selling pressure prevails, TRX may reverse its course after hitting the $0.288 to $0.29 levels. Conversely, should buyers gain traction, the price could rise toward $0.298, tapping into available liquidity above.

Traders looking to short TRX should be prepared for varying outcomes. Notably, this trading setup would be invalidated if TRX manages to break above the $0.30 level.

Disclaimer: The information contained herein does not serve as financial, investment, or trading advice and reflects only the author's views.