- Tron price extended its decline below the $0.0175 support zone against the US Dollar.
- TRX price tested the $0.0168 support and it is currently consolidating losses.
- There is a major bearish trend line forming with resistance near $0.0174 on the 4-hours chart (data feed via Bitfinex).
- The pair could start a strong upward move if it breaks the $0.0174 and $0.0180 resistance levels.
TRON price is holding a major support zone near $0.0168 against the US Dollar, similar to bitcoin. TRX price must gain strength above $0.0175 to avoid more losses.
Tron Price Analysis
This past week, TRON price extended its declined below the $0.0180 support against the US Dollar. TRX price even broke the $0.0175 support level and settled below the 55 simple moving average (4-hours).
Finally, there was a break below the $0.0170 support, but the price found bids near the $0.0168 level. A low is formed near $0.0167 and the price is currently consolidating losses. It corrected above the $0.0170 level.
There was a break above the 23.6% Fibonacci retracement level of the recent drop from the $0.0184 high to $0.0167 low. However, the price is facing a strong resistance near the $0.0175 level and the 55 simple moving average (4-hours).
There is also a major bearish trend line forming with resistance near $0.0174 on the 4-hours chart. The 50% Fibonacci retracement level of the recent drop from the $0.0184 high to $0.0167 low is also near $0.0176.
The main resistance is near the $0.0180 level, above which the bulls are likely to take control. In the mentioned case, the price is likely to accelerate higher towards the $0.0188 and $0.0192 levels.
Conversely, the price might fail to clear $0.0175 or $0.0176. In the stated bearish case, the price could extend its decline below the $0.0170 support. A proper daily close below $0.0168 might open the doors for a push towards the $0.0162 and $0.0158 levels.
The chart indicates that TRX price is clearly approaching a couple of important hurdles near $0.0175. It seems like the price could start a strong upward move if it breaks the $0.0174 and $0.0180 resistance levels.
Technical Indicators
4 hours MACD – The MACD for TRX/USD is slowly gaining momentum in the bullish zone.
4 hours RSI – The RSI for TRX/USD is now correcting higher towards the 50 level.
Key Support Levels – $0.0170 and $0.0168.
Key Resistance Levels – $0.0175, $0.0176 and $0.0180.
