HomeAltcoin NewsTron (TRX) Price Analysis: Bears In Control Below $0.10

Tron (TRX) Price Analysis: Bears In Control Below $0.10

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  • Tron price started a fresh decline from the $0.1200 resistance against the US Dollar.
  • TRX price is now trading below $0.1000 and the 55 simple moving average (4-hours).
  • There was a break below a major bullish trend line with support near $0.1150 on the 4-hours chart (data feed via Bitfinex).
  • The pair could accelerate lower if there is a clear break below the $0.8200 support zone.

TRON price failed to continue higher above $0.1200 against the US Dollar, similar to bitcoin. TRX price is trading below $0.1000 and it remains at a risk of more losses.

Tron Price Analysis

After forming a top near the $0.1200 level, tron price started a fresh decline against the US Dollar. TRX price broke the $0.1150 support zone to move into a bearish zone.

The price even broke the $0.1000 support and settled below the 55 simple moving average (4-hours). There was also a break below a major bullish trend line with support near $0.1150 on the 4-hours chart. Finally, the price spiked below $0.0900 and traded as low as $0.0867.

It is now consolidating losses above the $0.0850 support. An initial resistance is near the $0.0920 level. It is near the 23.6% Fib retracement level of the recent decline from the $0.1204 swing high to $0.0867 low.

The first major resistance is near the $0.0.965 level, above which the price could rise towards the $0.1000 level. The next major stop for the bulls could be $0.1035 in the near term. It is near the 50% Fib retracement level of the recent decline from the $0.1204 swing high to $0.0867 low.

A close above $0.1035 and $0.1050 is must for a fresh increase. On the downside, an initial support is near the $0.0865 level. The first major support is now forming near $0.0825. Any more losses might call for a sharp decline towards the $0.0765 level. The next major support below $0.0765 could be near the $0.0650 zone.

Tron (TRX) Price
Tron (TRX) Price

The chart indicates that TRX price is now trading below $0.1000 and the 55 simple moving average (4-hours). Overall, the price could accelerate lower if there is a clear break below the $0.8200 support zone.

Technical Indicators

4 hours MACD – The MACD for TRX/USD is slowly losing momentum in the bearish zone.

4 hours RSI – The RSI for TRX/USD is now well below the 50 level.

Key Support Levels – $0.0865 and $0.0825.

Key Resistance Levels – $0.0965, $0.1000 and $0.1035.

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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