TRON’s Struggle: Can TRX Bulls Hold On or Just Let Go? 🤔

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  • So, TRON is looking bearish. Shocking, right? Who could’ve seen that coming? 🙄
  • Active addresses are up, and World Liberty Financial is buying like it’s going out of style, but guess what? Sellers are still throwing a party. 🎉

Look, the price outlook for TRON [TRX] is about as cheerful as a rainy day. Technical analysis? Yeah, momentum and buying pressure are taking a vacation. 🏖️

And let’s talk about World Liberty Financial, shall we? They just dropped $2.6 million on TRON tokens, and yet, the bearish fears are still lurking around like an unwanted guest. 😒

Thanks to Bitcoin [BTC] taking a nosedive, TRX is now below a key support level. AMBCrypto is on the case, trying to figure out if buyers will ever show up again. Spoiler alert: it’s not looking good. 😬

Technical support levels to watch for

Crypto analyst Burak Kesmeci, who apparently has a crystal ball, pointed out two moving averages for investors to keep an eye on. Because, you know, that’s what we need—more numbers to stress over. 📈

As of now, those daily moving averages are sitting pretty at $0.26 and $0.15. Just lovely, right?

According to our friend the analyst, if we can just breach that overhead resistance, we might see some quick gains. Or we might not. Who knows? 🤷‍♂️

The 1-day price chart shows TRX has been bouncing around a range (purple) for the past month. It’s like a game of hopscotch, but with money. The range is from $0.274 to $0.22, with a mid-point at $0.247. Fun times! 🎢

But wait! The selling pressure has pushed TRON below the mid-range support. Surprise, surprise! 🙃

The OBV is forming lower lows, which is just fantastic news for the bulls. It’s like they’re trying to win a race but forgot to show up. The consolidation period? Yeah, it’s not about accumulation; it’s about distribution. Great! Just what we needed. 😩

And guess what? The 78.6% Fibonacci retracement level is looking like it might just slip away. Bye-bye! 👋

Data from IntoTheBlock shows that despite all the bearish signs and selling pressure, daily active addresses have been on the rise since April 2024. Because who doesn’t love a good contradiction? 🤔

Now, let’s get real. Here’s TRON’s market cap in BTC terms. It’s like trying to measure a whale with a ruler. 🐋

While the long-term trend is up, the 7-day active address change is down by 26.37%. So, yeah, that’s a thing. 📉

Overall, it seems like the bullish prospects for TRON are fading faster than my enthusiasm for this whole situation. The bulls really need to defend that $0.22 support level when it gets retested. Good luck with that! 🐂💨

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2025-01-28 04:10