HomeAltcoin NewsTron (TRX) Price Analysis: Bears Are Likely To Protect $0.012

Tron (TRX) Price Analysis: Bears Are Likely To Protect $0.012

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  • Tron price declined heavily below the $0.0135 and $0.0100 support levels against the US Dollar.
  • TRX price traded as low as $0.0070 and it is currently correcting higher.
  • There is a major bearish trend line forming with resistance near $0.0110 on the 4-hours chart (data feed via Bitfinex).
  • The price is likely to face a strong selling interest near $0.0110 and $0.0120 in the near term.

TRON price is trading in a bearish zone below key supports against the US Dollar, similar to bitcoin. TRX price is likely to struggle as long as it is below the $0.0120 support.

Tron Price Analysis

In the past few days, there was a significant decline in TRON price below the $0.0162 support level against the US Dollar. TRX price broke many crucial supports near $0.0120 and the 55 simple moving average (4-hours) to enter a bearish zone.

The decline was such that the price even dived below the $0.0100 support area. Finally, the price traded below the $0.0880 support area and traded to a new 2020 low at $0.0070.

Recently, it started an upside correction and traded above the $0.0800 resistance level. There was a break above the 23.6% Fibonacci retracement level of the key decline from the $0.0153 high to $0.0070 low.

On the upside, there is a major resistance forming near the $0.0110 level. There is also a major bearish trend line forming with resistance near $0.0110 on the 4-hours chart. Moreover, the 50% Fibonacci retracement level of the key decline from the $0.0153 high to $0.0070 low is near the $0.0110 level to act as a hurdle.

Therefore, it won’t be easy for tron buyers to lead the price above the $0.0110 resistance level. The next major resistance is near the $0.0120 level and the 55 simple moving average (4-hours).

A successful close above the $0.0110 and $0.0120 resistance levels is needed for a trend change in the near term. Conversely, the price might struggle to gain pace above the $0.0110 resistance.

On the downside, an initial support is near the $0.0085 level, below which there is a risk of a sharp decline towards the $0.00700 level.

Tron Price
Tron Price

The chart indicates that TRX price is clearly trading in a bearish below the $0.0110 and $0.0120 resistance levels. As long as there is no recovery above $0.0120, the bears are likely to remain in control.

Technical Indicators

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

4 hours RSI – The RSI for TRX/USD is recovering and it is approaching the 50 level.

Key Support Levels – $0.0085 and $0.0070.

Key Resistance Levels – $0.0110, $0.0120 and $0.0135.

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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