The TRON (TRX) price broke down from the $0.055 long-term horizontal support area. The trend is considered bearish until this area is reclaimed.
TRX is the native token of the TRON blockchain, created by Justin Sun. The weekly time frame technical analysis is bearish. It shows that the TRX price decreased below a descending resistance line since reaching a high of $0.188 on April 2021. The high was 50% below the Jan. 2018 all-time high of $0.35.
The line has caused six rejections so far (red icons). The most recent was on Nov. 7. It caused a breakdown from the long-term $0.05 support area, a decrease seen throughout the crypto market. This was considered a very bearish development since the area had been in place since May 2021.
As a result, the TRX price prediction is considered bearish until the price reclaims the $0.055 area. Since the area also coincides with the long-term descending resistance line, this seems unlikely.
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