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Tron (TRX) Faces $0.24 Target as Failed Resistance Break Triggers Derivatives Market Weakness
- Tron (TRX) fails to break $0.2971 resistance and struggles at 23.60% Fibonacci support level.
- Open interest in the derivatives market drops 7.37% to $326.48 million with long liquidations totaling $382K.
- Technical indicators and negative funding rate suggest potential decline to $0.24 support.
- TRX faces downward pressure as it trades at $0.2739 with potential decline towards $0.24 support.
- Daily chart shows rejection at $0.2971 resistance level, leading to potential drop to $0.24 support zone.
- Forming long-wick candles indicate increased selling pressure and struggle for bullish momentum.
- MACD and RSI indicate weakening bullish momentum and potential bearish trend in TRX price action.
- Breakdown below 23.60% Fibonacci level might test $0.25 psychological support and $0.24 support zone.
- Local support trendline may face testing if downward momentum accelerates in TRX price.
- Upside resistance at $0.2806 and $0.2971 requires renewed buying interest and market sentiment improvement.
- Derivatives market data shows decreasing confidence in Tron with reduced open interest and long liquidations exceeding short ones.
- Long liquidations reach $382,000, inducing additional downward pressure as leveraged long positions are forced to close.
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