The TRON (TRX) price has fallen since July 22 and recently broke down from a short-term ascending support line.
The trend is considered bearish due to bearish readings from the daily and six-hour timeframes.
TRON Falls After Rejection From Range High
The TRON price has traded in a range between $0.070 and $0.088 since May 20. The price began its most recent upward movement on June 10. At the time, TRX had initially fallen below the $0.070 horizontal support area. But, it immediately created a long lower wick (green icon), saving the potential breakdown.
The increase led to a new yearly high of $0.094 on July 22. While this initially caused a breakout above the $0.088 area, the price fell below it shortly afterward.
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Similarly to the decrease on June 10, the increase on July 22 led to a deviation above the $0.088 resistance area, which was followed by a significant downward movement. The rejection also created a long upper wick (red icon), a sign of selling pressure.
Currently, the TRX price trades in the middle of this range.
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Author: Valdrin Tahiri
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