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HomeAltcoin NewsTron (TRX) Price Analysis: Bears In Control Below $0.0320

Tron (TRX) Price Analysis: Bears In Control Below $0.0320

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  • Tron price failed to gain strength above $0.0355 and declined recently against the US Dollar.
  • TRX price is now trading well below the $0.0320 support level, with a bearish angle.
  • There is a key connecting bearish trend line forming with resistance near $0.0332 on the 4-hours chart (data feed via Bitfinex).
  • The price remains at a risk of more losses below the $0.0300 and $0.0291 support levels.

TRON price is currently under a lot of selling pressure against the US Dollar, but stable vs bitcoin. TRX price could accelerate losses if there is a break below the $0.0290 level.

Tron Price Analysis

This past week, TRON price started a fresh increase from the $0.0302 low against the US Dollar. The TRX/USD pair climbed above the $0.0320 and $0.0340 resistance levels. It even spiked above the $0.0350 level. However, the price struggled to climb above $0.0355 and the previous bullish trend line. Moreover, the price remained below the $0.0380 resistance and the 55 simple moving average (4-hours).

As a result, there was a fresh decline from the $0.0355 swing high. The price declined below the $0.0340 support and the 50% Fibonacci retracement level of the last wave from the $0.0302 low $0.0355 high. It is now trading well below the $0.0320 support level. Besides, it is now below the 76.4% Fibonacci retracement level of the last wave from the $0.0302 low $0.0355 high.

Therefore, there is a risk of more losses below the $0.0300 support. The key supports are near $0.0291, below which the price could accelerate losses. The 1.236 Fib extension level of the last wave from the $0.0302 low $0.0355 high is also near the $0.0289 level. If there are more losses, the price could slide towards the $0.0275 level.

On the upside, there are many resistances near the $0.0320 and $0.0330 levels. There is also a key connecting bearish trend line forming with resistance near $0.0332 on the 4-hours chart. A successful close above the trend line might push the price towards the $0.0355 resistance plus the 55 simple moving average (4-hours).

Tron Price Analysis TRX Chart

The chart indicates that TRX price is trading with a bearish angle below the $0.0320 support. If the bears remain in action, there are chances of more losses below the $0.0291 and $0.0290 levels. Conversely, the price may perhaps find strong bids near the $0.0291 level. In the mentioned case, it could correct higher towards $0.0332.

Technical Indicators

4 hours MACD – The MACD for TRX/USD is gaining pace in the bearish zone.

4 hours RSI – The RSI for TRX/USD is currently below the 40 level, with a bearish angle.

Key Support Levels – $0.0300 and $0.0291.

Key Resistance Levels – $0.0320, $0.0330 and $0.0332.

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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