Tron (TRX) Defies Market Pullback to Test ATH of $0.170, But Analysts See Bearish Extension

Tron (TRX) defied the broad market pullback to test an all-time high price of $0.170 on August 25 before taking a nosedive to $0.156 in a 6% decline on Monday

Tron (TRX) price took a nosedive by 6% on Monday, September 2, as it dropped from $0.170 to $0.156. This downturn occurred despite the broader market pulling back.

According to analysis, TRX is currently showing a bearish extension. This is indicated by the Relative Strength Index (RSI), which shows weak market momentum, contrasting sharply with the reading on August 25.

If this trend continues, TRX could target its previous weekly support at $0.1425, as per our analysis.

Tron (TRX) Price Analysis: Key Highlights

Tron (TRX) price dropped by 6% on Monday, as it fell from $0.170 to $0.156.

The TRX price analysis reveals a bearish extension, as indicated by the RSI.

If the bearish trend continues, TRX could target its previous weekly support at $0.1425.

However, a daily candlestick close above $0.170 could shift the market to the bullish zone. This validation would negate the bearish outlook and lead to a 6% surge, targeting its April 17, 2021, high at $0.180.

Tron (TRX) Price Chart Analysis: TRX Price Drops Despite Broader Market Pullback

Tron (TRX) price dropped on Monday, as it fell from $0.170 to $0.156. This downturn occurred despite the broader market pulling back.

However, TRX price faced resistance at the 23.6% Fibonacci retracement level of the recent wave up from the August 19 low of $0.128 to the August 25 high of $0.170.

A bearish extension is also indicated by the RSI, which shows weak market momentum, contrasting sharply with the reading on August 25. If this bearish trend continues, TRX could target its previous weekly support at $0.1425.

On the other hand, a daily candlestick close above $0.170 could shift the market to the bullish zone. This validation would offset the bearish outlook and lead to a 6% surge, targeting its April 17, 2021, high at $0.180.

Moreover, the analysis reveals that the majority of TRX Holders are currently in profit. This is indicated by the Coinglass data, which shows that Binance TRX’s long-to-short ratio stands at 0.43.

This reading suggests that traders are expecting a fall. However, if their prediction is proven wrong and the TRX price begins to rise, it could lead to a short squeeze, driving the price up even further.