HomeAltcoin NewsTron (TRX) Price Analysis: Bears In Action Below $0.11

Tron (TRX) Price Analysis: Bears In Action Below $0.11

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  • Tron price started a major decline from well above $0.1200 against the US Dollar.
  • TRX price is now trading below $0.1100 and the 55 simple moving average (4-hours).
  • There was a break below a key bullish trend line with support near $0.1100 on the 4-hours chart (data feed via Bitfinex).
  • The pair could extend losses if it settles below the $0.1120 level in the near term.

TRON price started a major drop below $0.1150 against the US Dollar, similar to bitcoin. TRX price is declining and there is a risk of more losses below $0.1000.

Tron Price Analysis

After a major increase, tron price faced sellers near the $0.1300 level against the US Dollar. TRX price traded as high as $0.1292 and started a fresh decline.

There was a clear break below the $0.1200 support and the 55 simple moving average (4-hours). Besides, there was a break below a key bullish trend line with support near $0.1100 on the 4-hours chart. The price even traded below the 61.8% Fib retracement level of the upward move from the $0.1030 swing low to $0.1292 high.

The price is now trading below $0.1100 and the 55 simple moving average (4-hours). On the downside, an initial support is near the $0.1050 level.

The first major support is now forming near $0.1020. The main support is near $0.1000 and $0.09800. It is close to the 1.236 Fib extension level of the upward move from the $0.1030 swing low to $0.1292 high. Any more losses might call for a sharp decline towards the $0.0920 level.

The next major support is near the $0.0880 level in the near term. An immediate resistance on the upside is near the $0.1100 level. The first major resistance is near the $0.1120 level and the 55 simple moving average (4-hours).

A close above $0.1120 and $0.1130 is must for a fresh increase. In the stated case, the price could rise towards the $0.1200 resistance in the near term. Any more gains could set the pace for a larger increase towards the $0.1280 level.

Tron (TRX) Price
Tron (TRX) Price

The chart indicates that TRX price is now trading below $0.1200 and the 55 simple moving average (4-hours). Overall, the price could extend losses if it settles below the $0.1120 level in the near term.

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 now below the 50 level.

Key Support Levels – $0.1050 and $0.0980.

Key Resistance Levels – $0.1120, $0.1150 and $0.1200.

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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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