TRX price fades after strong July rally | Credit: Derek Fenech
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Key Takeaways
TRX got rejected at $0.33 and is stuck in a descending channel.
The AO, Supertrend, and the BBP all signal rising downside risk.
A breakout above $0.33 could reverse the trend for a rebound.
Like other altcoins, Tron’s (TRX) price experienced a notable rally during the first two weeks of July. The TRX price climbed to $0.33, now serving as a local top.
Initially, the explosive rally showed signs that the coin could retest its all-time high. But after failing to sustain the gains, it pulled back to $0.31.
Now that the price has pulled back, here is what could be next.
Tron Faces Bearish Pressure
In the 4-hour timeframe, Tron trades within a descending channel, following a rejection of $0.33.
Since then, momentum has flipped. The Awesome Oscillator (AO) has dropped into the negative zone, signaling a bearish shift. If this pressure holds, TRX could lose more ground.
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Adding to the downside risk, the Supertrend indicator has flipped bearish, with the red line now hovering above the price.
This marks a key overhead resistance near $0.32, which could make it difficult for TRX to recover quickly.
If the trend continues, the TRX price risks breaking below the $0.30 support level. Should that fail, the next critical zone is at $0.28, and a breach there could lead to deeper losses.
TRX/USD 4-Hour Chart | Credit: TradingView
Amid this potential decline, reports emerged that the Tron team will be in charge of ringing the opening bell at the Nasdaq stock market today.
“The ceremony will be led by Justin Sun, Founder of the TRON Blockchain and Global Advisor to Tron Inc., live from the Nasdaq MarketSite in Times Square — heralding the Company’s bold transformation into next-generation technology and digital innovation.” The report stated.
While this development could be bullish for the project at large, it might not necessarily impact the TRX price positively unless demand increases.
TRX Price Analysis: Decline Not Over
In the meantime, the daily chart shows that the Bull Bear Power (BBP) has dropped to the negative region. The BBP compares the strength of bulls (buyers) to bears (sellers).
When the reading is positive, buyers are in control. Therefore, this decline implies that sellers are dominant, and the TRX price is at risk of further decline.
Besides that, the TRX price has also fallen below the upper level of the Bollinger Bands (BB). While the BB measures volatility, falling above the upper band indicates a correction could be imminent amid sellers’ control.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Victor Olanrewaju is a crypto analyst and reporter at CCN with deep roots in on-chain research and technical analysis. His crypto journey began in 2017, but it was the 2020 Uniswap airdrop that sparked a full-time pivot into the space.
With a foundation in copywriting, Victor honed his craft creating high-converting content for leading crypto brokers — most notably an XRP price prediction that ranked #1 on Google during the 2021 bull run.
He later joined AMBCrypto in 2022, where he combined storytelling with technical and on-chain analysis to cover key market narratives.
In 2024, he expanded his expertise at BeInCrypto, collaborating with analysts and using tools like Glassnode, Santiment, and IntoTheBlock to break down Bitcoin and altcoin trends.
At CCN, Victor covers the top cryptocurrencies, memecoins, macro shifts, blending real-time insights with deep-dive metrics.
He holds a Bachelor’s degree in Physics from the University of Ibadan, equipping him to simplify complex data for a wide audience. Follow his work or connect on LinkedIn or X.
