The price of (TRX has decreased
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to $0.28, and the market is closely watching to see if it will recover or continue to decline.
📉 Reason for TRX decline
- Profit-taking: After recent gains, traders have been taking profits, leading to a pullback.
- Market sentiment: Market sentiment towards cryptocurrencies remains cautious, with increasing Bitcoin dominance and altcoins under pressure.
- Whale activity: On-chain data shows that some large wallets have reduced their exposure, increasing selling pressure.
📈 Potential Reversal Indicators
- Support area: TRX is hovering near a key support level between $0.26 and $0.28, which has remained stable during previous declines.
- Technical indicators: The relative strength index is approaching the oversold area, indicating a potential trend reversal.
- Developer momentum: TRON continues to lead in the number of daily active users and stablecoin transactions, which may support a price recovery.
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⚠️ Risks worth monitoring
- TRX price dropping below $0.26: If support fails, TRX may slide towards the $0.22-$0.24 range.
- Macroeconomic fluctuations: Any shock from Bitcoin or regulatory news may push TRX down.
🔮 Predictions
If the optimists maintain the $0.28 area and trading volume increases, TRX may bounce towards the $0.32-$0.35 range. However, failing to hold support may lead to further declines.
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