TRON Price Drops 9% After Reaching $0.30 Resistance

TRON (TRX) price has recently experienced a sharp pullback after reaching near the $0.30 mark, currently trading around $0.273 on the hourly chart and $0.271 on the daily chart. This correction follows a rejection near resistance levels and a breakdown below short-term moving averages, raising questions about whether this is a healthy retracement or the start of a deeper decline.

The hourly chart shows that TRX price remains below the 20, 50, and 100-period Simple Moving Averages (SMAs), which are clustered near $0.278–$0.282, acting as a resistance zone. Despite a brief bullish engulfing pattern near the $0.265 support, the volume remained subdued, indicating a lack of strong buying pressure. A Fibonacci retracement from the local high of $0.29 to the low of $0.265 shows key levels at $0.274 and $0.278, where the SMAs are pressing down. Unless TRX price breaks above these levels with strong volume, further downside to $0.260 is likely.

The daily chart provides a broader perspective, showing a strong uptrend from $0.24 to $0.29 in early June, followed by a rejection at the $0.295–$0.300 resistance zone. The bearish engulfing pattern on June 12 signaled a trend reversal, with the price now testing the 50-day SMA around $0.266. If TRX closes below this level, a move toward $0.250 could be seen. However, if buyers defend $0.265 and reclaim $0.280, the uptrend structure might remain intact. The Relative Strength Index (RSI) on the daily chart is still above the oversold zone, suggesting there is still time for bulls to regroup.

Historically, TRX price typically pulls back 8–12% after a strong rally before resuming upward. A 10% correction from $0.29 would bring it to $0.261, a level close to the 50-day SMA. If this zone holds, TRX price could stabilize and resume its uptrend. However, if it breaks, the price could dive another 5% toward $0.250, where the 100-day SMA sits.

For the upcoming week, if TRX price breaks and holds above $0.278, the first bullish target is $0.285, followed by a retest of $0.295. Conversely, if it drops below $0.265, the next key support is $0.250. The probability of sideways consolidation between $0.265 and $0.280 is higher unless a macro catalyst pushes crypto prices broadly. A clean breakout above $0.280 with volume would confirm bullish strength, while a breakdown below $0.265 may invite more selling pressure. For now, TRON price appears to be entering a consolidation phase after an overheated rally, with a clear direction expected to emerge in the next 48 hours.