The 61.8% FIB retracement underpinned Tron back to its bearish stance after enjoying a spot beyond the Exponential Moving Average ribbons for a couple of weeks. Meanwhile, the downward move from $0.08 bolstered bearish momentum that pulled the altcoin beneath 23.6%.
TRX appears primed for steady declines from the bearish pennant structure within the upcoming sessions. Any bounce-back signs might hint at short-term recoveries before Tron sees reversals from the 20 Exponential Moving Average. While writing these lines, TRX changed hands near $0.06286, 3.28% down within the past 24 hours.
Tron Daily Timeframe
Tron recorded gradual revivals after plummeting towards yearly lows on June 15. Meanwhile, recoveries from the long-term foothold comprised a bearish pennant pattern on its daily chart.
Sellers ensured massive control in the prevailing market structure as the Exponential Moving Average ribbons remain southbound. That triggered an expected pennant downward break from the 20 Exponential Moving Average as its fell beneath the 23.6% mark.
Extended bearish pressure might drag the alternative token to $0.0601 – $0.057. Market players should watch out for bounce-back signs from this territory. Meanwhile, a rebound would mean revivals towards the southbound 20 Exponential Moving Average around the $0.065 zone.
Meanwhile, enthusiasts should evaluate broad market sentiments before executing long bets. Meanwhile, bears have reaffirmed their strength as the 20-50 Exponential Moving Average dropped beneath the 20 Exponential Moving Average.
Reasoning
The RSI (Relative Strength Index) witnessed sharp reversals from the middle line. A steady closing beneath 42 would authorize the short-term downward tendencies. Meanwhile, buyers flashed a brief edge by catalyzing money volumes as the Chaikin Money Flow sways beyond the zero level.
Nevertheless, reversals would confirm a bearish divergence with the TRX price. Moreover, the Awesome Oscillator supported the bearish stance as it refused to close beyond the zero level for about three weeks.
Final Thought
TRX might witness sustained declines before reviving, considering the bearish pennant downside from the Exponential Moving Average ribbons. The alt would have its targets as mentioned above.
Nevertheless, enthusiasts should watch Bitcoin’s actions and their effect on overall market perception to ensure profitable undertakings. That can help investors project potential bearish invalidation.