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HomeAltcoin NewsTron (TRX) Price Analysis: Bears Aim $0.052 or Lower

Tron (TRX) Price Analysis: Bears Aim $0.052 or Lower

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  • Tron price started a fresh decline from the $0.0558 level against the US Dollar.
  • TRX price is now trading below $0.0550 and near the 55 simple moving average (4-hours).
  • There is a key bearish trend line forming with resistance near $0.0540 on the 4-hours chart (data feed via Kraken).
  • The pair could continue to move down if it breaks the $0.0533 support zone.

TRON price started a fresh decline below the $0.0550 against the US Dollar, similar bitcoin. TRX price could accelerate lower if there is a move below $0.0533.

Tron Price Analysis

This past week, tron price started a steady increase above the $0.0535 resistance level against the US Dollar. TRX price struggled to gain pace for more gains and formed a top near $0.0558.

The price started a fresh decline below the $0.0550 level. There was a move below the 50% Fib retracement level of the upward move from the $0.0518 swing low to $0.0558 high. The price is now trading below $0.0550 and near the 55 simple moving average (4-hours).

There is also a key bearish trend line forming with resistance near $0.0540 on the 4-hours chart. On the upside, TRX is facing resistance near the $0.0540 level.

The first major resistance is near the $0.0555 level. A close above $0.0555 and $0.0558 is a must for a fresh increase. In the stated case, the price could rise towards the $0.0600 resistance in the near term.

On the downside, an initial support is near the $0.0533 level. It is near the 61.8% Fib retracement level of the upward move from the $0.0518 swing low to $0.0558 high.

The next major support is now forming near $0.0520. If there is a downside break below the $0.0520 support, the price might revisit the $0.0500 support. Any more losses might call for a move towards the $0.0465 zone in the near term.

Tron (TRX) Price
Tron (TRX) Price

The chart indicates that TRX price is now trading below $0.0550 and near the 55 simple moving average (4-hours). Overall, the price could continue to move down if it breaks the $0.0533 support zone.

Technical Indicators

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

4 hours RSI – The RSI for TRX/USD is below the 50 level.

Key Support Levels – $0.0533 and $0.0520.

Key Resistance Levels – $0.0540, $0.0555 and $0.0580.

Aayush Jindal
Aayush Jindal
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets.

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