HomeAltcoin NewsTron (TRX) Price Analysis: Bears In Control, More Losses Likely

Tron (TRX) Price Analysis: Bears In Control, More Losses Likely

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  • Tron price is currently trading well below the $0.0150 and $0.0155 resistances against the US Dollar.
  • TRX price is struggling to stay above the main $0.0142 support area.
  • There is a major bearish trend line forming with resistance near $0.0152 on the 4-hours chart (data feed via Bitfinex).
  • The price remains at a risk of more losses towards the $0.0131 and $0.0130 support levels.

TRON price is showing a few bearish signs against the US Dollar and bitcoin. TRX price could decline further towards $0.0130 unless it surpasses the $0.0155 resistance.

Tron Price Analysis

After struggling to clear the $0.0164 and $0.0160 resistance levels, TRON price declined below $0.0155 against the US Dollar. TRX price tested the $0.0142 support area and recently corrected higher.

It broke the $0.0145 and $0.0148 resistance levels. Moreover, there was a break above the 23.6% Fibonacci retracement level of the downward move from the $0.0161 high to $0.01419 low.

However, the price failed to stay above the $0.0150 level and remained well below the 55 simple moving average (4-hours). Besides, the 50% Fibonacci retracement level of the downward move from the $0.0161 high to $0.01419 low acted as a strong resistance.

As a result, the price declined again below the $0.0145 support area. Tron price is now trading near the $0.0142 support area and it is well below the 55 simple moving average (4-hours).

If there is a downside break below the $0.0142 support area, there is a risk of a sharp decline below the $0.0140 level. The next major support is near the $0.0132 level.

On the upside, an initial resistance is near the $0.0148 level and the 55 simple moving average (4-hours). The main resistances are near $0.0150 and $0.0152. Additionally, there is a major bearish trend line forming with resistance near $0.0152 on the 4-hours chart.

Therefore, the price must surpass $0.0150, the 55 SMA, and the bearish trend line to start a decent recovery. The next major resistance is near the $0.0165 level, above which the price could continue to rise towards $0.0180. An intermediate resistance is near the $0.0172 level.

Tron Price
Tron Price

The chart indicates that TRX price is clearly struggling to stay above the main $0.0142 support area. Thus, there is a risk of more downsides below the $0.0140 and $0.0135 levels in the near term. The main breakdown support is now near $0.0132.

Technical Indicators

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

4 hours RSI – The RSI for TRX/USD is currently declining and it could soon test the 30 level.

Key Support Levels – $0.0142 and $0.0132.

Key Resistance Levels – $0.0150, $0.0152 and $0.0165.

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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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