- Tron dives from $0.01919 (July high) highlighting increasing selling pressure among the altcoins.
- TRX/USD is likely to bounce off support at the trendline aided by the confluence at 0.01712.
Tron price has been consistently trimming gains on Friday. The breakdown comes after the crypto snapped its July winning streak on hitting a wall at the 61.8% Fibonacci retracement level taken between the last swing high of $0.02686 to a swing low of $0.0073.
In the meantime, TRX/USD is exchanging hands at $0.1755. A bearish candlestick started during the Asian session is yet to find relief. Besides, technical levels hint that losses are likely to continue in the coming sessions. For instance, the RSI is pointing downwards after failing to sustain an uptrend above 60.
From another perspective, consolidation is an option for Tron as per the sidelong movement of the MACD. As long as the MACD holds at the midline, sideways action is likely to take place ahead of the weekend session.
Support is expected at $0.1750 in case losses continue to dominate the market. An ascending trendline is also in a position to hold as a key support area in addition to the confluence formed by both the 50 SMA and the 50% Fibonacci level.
TRX/USD daily chart
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