• Tron [TRX] has seen a 3.9% price drop over the past seven days due to resistance at the $0.0787 minor resistance level.
• Technical indicators suggest that there is a possibility of a reversal in momentum from bullish to bearish in the long term.
• Bulls can find support at key levels and push for more gains if they can break through the resistance level at $0.0711.
Tron Price Retreats After Breaking Year-Long Resistance Level
Tron [TRX] has been flying high with its price smashing the year-long resistance level at $0.0711, however, it encountered a pullback at the $0.0787 minor resistance level which led to a 3.9% price drop over the past seven days with Bitcoin [BTC] dropping from $27.3k to $26.9k within the same time period creating an opportunity for Tron bears to start a price reversal or just experience a retracement before continuing its upward trend.
Technical Indicators Show Possibility of Reversal
Zooming into the 12-hour timeframe showed significant selling pressure still lay at the $0.0787 resistance level causing prices to sharply retrace with buyers trying but failing to continue pushing prices upwards due to sell pressure halting their progress. On-chart indicators highlighted this possibility of reversal as Relative Strength Index (RSI) fell out of overbought zone and dipped under neutral 50 hinting increased sell pressure while Chaikin Money Flow (CMF) dropped negative with reading of -0,31 signaling capital outflows as buyers take profits from their gains thus far leading up to this point further signalling potential bearish trend reversal ahead if bulls fail to break through current resistance levels upon any attempted retest soon after retreatment period if one were happen now or shortly thereafter .
Trendline Shows Upward Trend Despite Pullback
The trendline showed that despite pullback Tron was still on an upward trend and only potential shift in momentum from bullish to bearish could be expected if break of said trend line or same mentioned earlier resistance level could be observed signaling such shift should occur should noted conditions be met – bulls would then need find support those levels and see if any rally resurgence can be achieved instead should such situation arise during next attempt breach that very same barrier which had been mentioned priorly during article already .
Can Bulls Push Prices Higher?
Bulls will have an opportunity to push prices higher again once they are able break through this current resistance level of 0$711 which is very likely given how strong bullish sentiment had continued long leading up until recent pullback occurred as discussed earlier on throughout article so far . Though even if they do manage accomplish what was mentioned priorly it will not guarantee rally continuation unless buyers can sustain their positions when/if prices reach new highs afterwards since sudden influx large sell orders could end up reversing whole situation yet again in matter moments .