As the chances of a rising wedge breakdown increase, Tron is approaching a crucial crossroads at $0.1597. Will buyers manage a bullish turnaround, or is a further decline imminent?
With the crypto market chaos resulting in massive ups and downs in altcoins, Tron is currently moving downwards. Failing to cross the $0.1686 barrier, the TRX price fall warns of a crash under $0.160.
Additionally, the high-risk breakdown of a rising wedge pattern on the daily chart could lead to a nearly 10% decline in Tron. The key question is: will the bulls step in and reverse the trend at the $0.1597 support level?
Tron Price Analysis
On the 4-hour chart, Tron’s price action shows a failed attempt to break above the $0.1686 resistance. This failure has resulted in an evening star pattern and six consecutive bearish candles.
The bearish price movement has caused a 4.29% drop from the $0.1693 level to the current market price of $0.1620. The downward trend is approaching a short-term support trendline near the 23.60% Fibonacci retracement level at $0.1597.
On a larger scale, the prevailing uptrend in TRX’s price action reveals a rising wedge pattern. Within this wedge, the recent reversal has formed a double top and established a neckline at the $0.1463 level.
The increasing bearish pressure has caused a negative crossover between the MACD and its signal line on the 4-hour chart. Additionally, the MACD histograms are showing a surge of negative momentum, and the RSI has fallen below the 50% mark. These technical indicators suggest a growing influx of selling pressure.
Will Tron Sustain Above $0.1597?
Using the trend-based Fibonacci retracement, a potential reversal from the 23.60% level ($0.1597) must surpass the 38.20% Fibonacci level of $0.1686 for an uptrend continuation. While the upside chances are low, the broader market recovery could propel the Tron prices higher.
In such a case, the next resistance levels for TRX are present at the 50% and 78.60% Fibonacci levels priced at $0.1762 and $0.1959, respectively.
A breakdown below the local support trendline will likely complete a double-top pattern, which could result in a massive fallout for Tron. A downfall below $0.1597 will plunge the asset to $0.1463, a nearly 10% drop.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
Source: https://thecryptobasic.com/2024/11/05/will-tron-hold-at-0-1597-or-will-a-rising-wedge-trigger-a-drop-to-0-1463/?utm_source=rss&utm_medium=rss&utm_campaign=will-tron-hold-at-0-1597-or-will-a-rising-wedge-trigger-a-drop-to-0-1463