- Tron price topped near the $0.0140 level and declined sharply towards $0.0120 against the US Dollar.
- TRX price is currently correcting higher from $0.0120, but it is facing many hurdles.
- There is a key bearish trend line forming with resistance near $0.0130 on the 4-hours chart (data feed via Bitfinex).
- The price could either surge above the $0.0130 resistance or it might continue below $0.0120.
TRON price is showing a few bearish signs below the $0.0130 resistance against the US Dollar, similar to bitcoin. TRX price remains at a risk of more losses if it fails to climb back above $0.0130.
Tron Price Analysis
In the past few days, there was a key decline in TRON price from the $0.0140 resistance area against the US Dollar. TRX price traded below a few important supports near $0.0130 to move into a bearish zone.
Besides, there was a close below the $0.0130 level and the 55 simple moving average (4-hours). The price traded as low as $0.0120 and it seems like it is forming a support base above $0.0120.
Tron price is currently correcting higher and trading above the $0.0125 level. It is testing the 50% Fibonacci retracement level of the recent decline from the $0.0132 high to $0.0120 low.
On the upside, there is a major hurdle forming near the $0.0130 level and the 55 simple moving average (4-hours). Moreover, there is a key bearish trend line forming with resistance near $0.0130 on the 4-hours chart.
The trend line is close to the 76.4% Fibonacci retracement level of the recent decline from the $0.0132 high to $0.0120 low. Therefore, the bulls are likely to struggle near the $0.0130 resistance level.
A successful close above the trend line and the 55 SMA is needed to start a fresh increase. The next key resistance is near the $0.0140 level, above which the price might rise towards the $0.0145 and $0.0150 levels.
Conversely, the bulls could fail to push the price above the $0.0130 resistance. An initial support on the downside is near the $0.0124 level. The main support is near the $0.0120 level, below which the price might tumble to $0.0110.
The chart indicates that TRX price is clearly approaching a major hurdle near $0.0130. Therefore, it could either surge above the $0.0130 resistance or it might continue below $0.0120.
Technical Indicators
4 hours MACD – The MACD for TRX/USD is slowly losing momentum in the bullish zone.
4 hours RSI – The RSI for TRX/USD is currently correcting just below the 50 level.
Key Support Levels – $0.0124 and $0.0120.
Key Resistance Levels – $0.0129, $0.0130 and $0.0140.
