- Tron price started a fresh decline below the $0.080 level against the US Dollar.
- TRX price is now trading below $0.0785 and the 55 simple moving average (4 hours).
- There is a key contracting triangle forming with resistance near $0.0775 on the 4-hour chart (data feed via Kraken).
- The pair could continue to move down if it breaks the $0.0750 support zone.
TRON price started a fresh decline below the $0.0820 zone against the US Dollar, similar to Bitcoin. TRX price could accelerate lower if there is a move below $0.0750.
Tron Price Analysis
This past week, Tron price started a steady decline from well above the $0.0820 resistance level against the US Dollar. TRX price struggled to gain pace for more gains and formed a top near $0.085.
The price started a fresh decline below the $0.0800 level. There was a clear move below the $0.0780 level. A low is formed near $0.0754 and the price is now consolidating losses. The price is now trading below $0.0785 and the 55 simple moving average (4 hours).
On the upside, TRX is facing resistance near the $0.0775 level. It is near the 23.6% Fib retracement level of the downward move from the $0.0854 swing high to the $0.0754 low.
There is also a key contracting triangle forming with resistance near $0.0775 on the 4-hour chart. The next major resistance is near the $0.080 level. It is close to the 50% Fib retracement level of the downward move from the $0.0854 swing high to the $0.0754 low.
A close above $0.0785 and $0.080 is a must for a fresh increase. In the stated case, the price could rise toward the $0.085 resistance in the near term.
On the downside, initial support is near the $0.0758 level. The next major support is now forming near $0.0750. If there is a downside break below the $0.075 support, the price might revisit the $0.0720 support. Any more losses might call for a move toward the $0.070 zone in the near term.
The chart indicates that TRX price is now trading below $0.0785 and near the 55 simple moving average (4 hours). Overall, the price could continue to move down if it breaks the $0.0750 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 – $0.0758 and $0.0750.
Key Resistance Levels – $0.0785, $0.080, and $0.085.
