• TRX fails to break $0.2971 resistance and struggles at 23.60% Fibonacci support level
• Open interest drops 7.37% to $326.48 million with long liquidations hitting $382K
• Technical indicators and negative funding rate suggest potential decline to $0.24 support

Tron has failed to sustain momentum above the critical $0.2971 resistance level, creating downward pressure that threatens to push TRX toward the $0.24 support zone. The cryptocurrency currently trades at $0.2739 following a modest 0.41% intraday recovery, but technical indicators suggest this bounce may be temporary as selling pressure continues building across multiple timeframes.

The daily chart reveals a clear rejection at the $0.2971 threshold, with price action pulling back toward the 23.60% Fibonacci retracement level at $0.2634. Multiple long-wick candles have formed during recent sessions, indicating increased selling pressure and suggesting that bulls are struggling to absorb the available supply at current price levels.

TRX Technical Indicators Confirm Bearish Momentum Building

The formation of another wick candle near the 24-hour high of $0.2759 suggests buyers lack conviction to drive sustained upward movement. This price action pattern typically precedes deeper corrections as market participants lose confidence in the current support levels and begin positioning for lower prices.

MACD and signal lines are trending downward and approaching the zero line, confirming weakening bullish momentum. The daily RSI has flattened near the midpoint, indicating that buying interest is diminishing while selling pressure remains persistent. These technical developments suggest a bearish trend may be forming in TRX price action.

A breakdown below the 23.60% Fibonacci level would likely trigger a test of the psychological $0.2500 support level. Further weakness could push TRX toward the $0.2400 support floor, which has historically provided buying interest during previous corrections. The local support trendline that has held since late May also faces testing if downward momentum accelerates.

Upside resistance remains at $0.2806 in the near term, followed by the recent high of $0.2971. However, breaking above these levels would require renewed buying interest and improved market sentiment across the broader cryptocurrency sector.

Derivatives market data from CoinGlass confirms weakening confidence in Tron’s price prospects. Open interest has declined 7.37% to $326.48 million, indicating reduced trader participation and potential position unwinding. This contraction often precedes increased volatility as market depth decreases.

Long liquidations reached $382,000 in the past 24 hours, substantially exceeding the $26,000 in short liquidations. This imbalance creates additional downward pressure as leveraged long positions are forced to close, generating automatic selling that can accelerate price declines.