![Retracement or reversal: Where does Tron [TRX] head next](https://i.headtopics.com/images/2023/6/2/cryptoamb/retracement-or-reversal-where-does-tron-trx-head-n-retracement-or-reversal-where-does-tron-trx-head-n-1664445476987445252.webp)
Can a 3.9% price drop over the past seven days hamper Tron's bullish momentum?
has been flying high with its price smashing the year-long resistance level at $0.0711. However, the bullish charge encountered a pullback at the $0.0787 minor resistance level. This led to a 3.9% price drop over the past seven days with the price trading at $0.0748, as of press time.dropping from $27.3k to $26.9k within the past 24-hour period, it could serve as an opportunity for Tron bears to start a price reversal.
Zooming into the 12-hour timeframe showed significant selling pressure still lay at the $0.0787 resistance level. Price retraced sharply at that level with a long-wick bearish candle. This signified that buyers tried to continue pushing prices upwards, but the selling pressure at that level halted the upward trend.
On-chart indicators highlighted the possibility of a reversal. The Relative Strength Index fell out of the overbought zone and dipped under the neutral 50. It stood at 48, as of press time, hinting at increased sell pressure. The Chaikin Money Flow also dropped negative with a reading of -0.31. This signaled that the dip resulted from buyers taking profits, hence significant capital outflows.
The trendline showed that Tron was still on an upward trend, despite the pullback. A break of the trend line or resistance level at $0.0711 could signal a shift in momentum from bullish to bearish in the long term. On the other hand, bulls would find support at those levels and push on for more gains.
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