Despite the bullish market outlook, the Tron price plunged 2.17% to $0.148 during the Friday trading session. While the bearish momentum signals
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Tron's price faced a downturn on Friday, with a 2.17% decrease, despite the bullish market outlook. However, the TRX coin price found support at a key Fibonacci level, indicating a potential upswing.
Moreover, Tron's collaboration with Tether and TRM Labs in launching the T3 Financial Crime Unit could attract more users as the market prefers a secure network.
Also, Tron's price daily chart showed a V-top reversal from $0.17 to $0.149, registering a 12.65% loss within two weeks. While this pattern usually indicates strong selling pressure, the buyers still had the upper hand as the price held above the 50% Fibonacci retracement level.
Furthermore, Tron buyers would face a substantial supply pressure of 15.12 billion TRX coins at the average price of $0.152. If the potential rebound meets with the liquidation of this holder for break-even, the Tron price prediction could signal a continuation of consolidation above $0.144 support.
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