• Tron price is declining and trading below the key $0.0184 support area against the US Dollar.
  • TRX price is under a lot of pressure below the $0.0175 pivot level.
  • There is a key bearish trend line forming with resistance near $0.0181 on the 4-hours chart (data feed via Bitfinex).
  • The price remains at a risk of more downsides towards the main $0.0150 support area.

TRON price started a fresh decline against the US Dollar and bitcoin. TRX price is now trading well below $0.0184 and it could continue to slide towards $0.0150 in the near term.

Tron Price Analysis

This past week, there were mostly bullish moves in TRON price above the $0.0184 and $0.0190 levels against the US Dollar. Moreover, TRX price climbed above the $0.0200 resistance and settled above the 55 simple moving average (4-hours).

However, the upward move was capped by the $0.0205 resistance area. The price failed to stay above the $0.0200 level and recently started a fresh decline. Besides, bitcoin, Ethereum and ripple declined heavily in the past few days, sparking bearish moves in tron.

TRX price broke the main $0.0184 support area to enter a bearish zone. Additionally, there was a close below the $0.0175 pivot level and the 55 simple moving average (4-hours).

The recent low was near $0.0166 and the price is currently trading with a bearish angle. An immediate resistance is near the $0.0172 level. It represents the 23.6% Fibonacci retracement level of the recent decline from the $0.0190 high to $0.0166 low.

If the price climbs above $0.0172, it could trade above $0.0175. The next key resistance is near the $0.0175 level. More importantly, there is a key bearish trend line forming with resistance near $0.0181 on the 4-hours chart.

The 50% Fibonacci retracement level of the recent decline from the $0.0190 high to $0.0166 low might also stop the bulls near the $0.0178 level. The main resistance area is near the previous breakdown level at $0.0184.

If the price continues to move down, an initial support is near the $0.0165 level. However, the major support is near the $0.0150 level, where the bulls are likely to take a stand.

Tron Price

Tron Price

The chart indicates that TRX price is gaining bearish momentum below the $0.0175 level. Therefore, there is a risk of more losses below the $0.0165 level. On the upside, a clear break above $0.0184 is needed for a fresh increase to $0.0200.

Technical Indicators

4 hours MACD – The MACD for TRX/USD is currently gaining momentum in the bearish zone.

4 hours RSI – The RSI for TRX/USD is currently declining and it is near the oversold levels.

Key Support Levels – $0.0165 and $0.0150.

Key Resistance Levels – $0.0175, $0.0178 and $0.0184.

Tags: ,

Leave a Reply

We use cookies to give you the best online experience. By agreeing you accept the use of cookies in accordance with our cookie policy.