- 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).
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.