Peter Smith
TRON is back in trouble. After struggling for weeks to find direction, the token is now showing clear signs that sellers are taking over. We're likely headed back down to test some major support levels that could make or break TRX's near-term outlook.
Technical Picture Shows Weakness
The price can't seem to break past crucial resistance, and according to Smcapitalclub, the setup is screaming bearish.
The 4-hour chart tells the whole story - TRX keeps hitting a wall around $0.36-$0.37 and can't push through. Each attempt higher gets weaker, creating that classic lower-high pattern that traders hate to see when they're long. Right now, TRX is trading around $0.34-$0.35, and those rejection candles are starting to pile up. The chart projection is pointing straight down to $0.29, where buyers showed up before and might need to prove themselves again.
Key factors working against TRX include:
- Stubborn resistance at $0.36 that keeps capping every rally attempt
- Failed breakout pattern that's confirming the underlying weakness
- Shaky altcoin sentiment as the broader market stays in consolidation mode
What Happens Next
Unless TRX can somehow muscle its way above $0.36 and actually hold it, the bears are running this show. A break below $0.34 could trigger a faster drop toward that $0.30-$0.29 zone, putting serious pressure on anyone still holding out hope for a quick recovery.
The bottom line is simple - TRON needs to defend $0.29 or risk opening the door to even deeper losses. For now, the momentum is clearly against it, and traders are positioning for more downside ahead.
Peter Smith
