- 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.
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.
