- Tron holds support at $0.21 after a 23% drop, forming a falling channel pattern with a potential double-bottom reversal.
- RSI shows bullish divergence, while Altrank ranks TRON first, reflecting strong community sentiment.
- A breakout could push TRX to $0.30 (+30%), but a failure may lead to a 12% drop to $0.20.
TRON (TRX) is clinging to the $0.21 mark, showing signs of resilience after a steep decline. With Bitcoin hovering around $97,000, TRX has managed a slight recovery of 0.39% in the past 24 hours. However, the broader market correction keeps TRX in a bearish grip.
Since December, TRON has been stuck in a falling channel after a 94% surge on December 3. A sharp 23% pullback on December 4 triggered this downward trend. Now, TRX has found support just above the $0.20 psychological level, holding steady at $0.21.
This falling channel pattern suggests a potential reversal. If TRX holds its current support, a double-bottom pattern could form, signaling a shift toward bullish momentum.
Technical indicators offer mixed signals for TRX’s next move. The Relative Strength Index (RSI) shows a bullish divergence between recent lows, hinting at a potential reversal. However, the Ichimoku Cloud keeps TRX confined between lagging spans A and B, reinforcing a bearish outlook. Meanwhile, the moving averages suggest short-term consolidation within the falling channel. Despite the lingering bearish pressure, a breakout remains a possibility.
TRON Dominates Social Rankings
Despite market headwinds, TRON remains a hot topic in the crypto community. According to LunarCrush analytics, TRX recently topped the Altrank leaderboard, reflecting strong social activity and robust market engagement.
This heightened community interest could provide the fuel TRX needs to break its downtrend and stage a comeback.
Using Fibonacci retracement levels, a breakout from the falling channel could drive TRX toward $0.30, aligning with the 38.2% Fibonacci level. This would mark a 30% gain from current levels.
However, if selling pressure mounts, TRX may retest local support at $0.20, a potential 12% decline.
TRON is at a critical juncture. If the broader market stabilizes and TRX breaks out of its falling channel, a rally to $0.30 remains possible. But if market sentiment worsens, another dip toward $0.20 could come first.