$TRX Trading Signal: Short

Entry Price: $0.2773

Stop-Loss: $0.282

Take-Profit 1: $0.265

Take-Profit 2: $0.250

Detailed Reasoning

Price Action and Candlestick Patterns

The TRX/USDT pair is currently trading at $0.2773 on the 1-day chart. Recent price action shows a pullback from higher levels, with the formation of a bearish engulfing candlestick pattern. This pattern, where a large bearish candle engulfs the prior bullish candle, is a strong reversal signal, suggesting that selling pressure has overtaken buying momentum. This aligns with the price's proximity to key resistance levels, indicating a potential downward move.