TRON (TRX) Risks Drop Below $0.26 as Bearish Sentiment Grows

Tron (TRX) failed to hold above key support, and falling derivatives data and rising long liquidations point to a potential dip to $0.24. As fear grips the broader crypto market, TRON struggles to avoid a deeper correction below the $0.26 support level. With open interest in decline, can TRX withstand the incoming supply pressure? Tron Price Analysis On the daily chart, TRX shows a failed attempt to break above the $0.2971 resistance level. Following this, the price pulled back toward the 23.60% Fibonacci level at $0.2634, where bulls are now struggling to absorb the selling pressure.

The presence of multiple long-wick candles indicates increasing selling pressure, warning of a steeper correction. At present, TRX is trading at $0.2739, showing a modest intraday recovery of 0.41%. However, with the formation of another wick candle near the 24-hour high of $0.2759, the price action suggests a potential retest of the 23.60% Fibonacci level. Adding to the downside risk, the MACD and signal lines are trending downward and approaching the zero line. Meanwhile, the daily RSI is flattening near the midpoint, signaling fading bullish momentum. Together, these indicators suggest a bearish trend may be forming in TRX. If a downtrend develops, TRX could break below the local support trendline that has held since late May. A decisive close beneath the 23.60% Fibonacci level could lead to a test of the psychological $0.2500 mark, followed by the support floor at $0.2400. On the upside, immediate resistance lies at $0.2806, followed by the recent high of $0.2971. TRX Derivatives Show Weakening Market Confidence According to CoinGlass data, bearish sentiment in TRON's derivatives market is rising sharply. Open interest in TRX has dropped by 7.37%, falling to $326.48 million. This decline is largely driven by increased long liquidations, which reached $382K in the past 24 hours, significantly higher than the $26K in short liquidations.

This liquidation imbalance has pushed the 24-hour long-to-short ratio down to 0.8136, reflecting a higher concentration of bearish positions. In addition, the TRX OI-weighted funding rate has flipped negative to -0.0047%, indicating mounting bearish pressure. As a result, traders in the TRON derivatives market are increasingly anticipating a steeper correction, especially as weakness persists across the broader crypto sector.