- Tron price extended its decline below the $0.1000 and $0.0900 support levels against the US Dollar.
- TRX price is now trading well below $0.1000 and the 55 simple moving average (4-hours).
- There is a major bearish trend line forming with resistance near $0.0900 on the 4-hours chart (data feed via Bitfinex).
- The pair is likely to face a strong selling interest near the $0.0900 and $0.0920 levels.
TRON price is showing negative signs below $0.1000 against the US Dollar, similar to bitcoin. TRX price must surpass $0.0900 and $0.1000 to start a steady increase.
Tron Price Analysis
After a downside break below $0.1200, there was a bearish reaction in tron price against the US Dollar. TRX price broke the $0.1000 support level and the 55 simple moving average (4-hours).
It even declined below the $0.0900 support level. The decline gained pace below the $0.0800 support zone. Finally, the price traded as low as $0.0561 and it recently started an upside correction. It recovered above the $0.0600 and $0.0700 levels. However, it is now trading well below $0.1000 and the 55 simple moving average (4-hours).
There was a break above the 23.6% Fib retracement level of the recent decline from the $0.1318 swing high to $0.0561 low. An immediate resistance on the upside is near the $0.0850 level.
The first major resistance is near the $0.0900 level and the 55 simple moving average (4-hours). There is also a major bearish trend line forming with resistance near $0.0900 on the 4-hours chart. The main resistance is near the $0.0920 level.
The 50% Fib retracement level of the recent decline from the $0.1318 swing high to $0.0561 low is near the $0.0930 level. A successful upside break above the $0.0920 resistance zone could open the doors for a steady increase towards $0.1000 or even $0.1200.
An immediate support is near the $0.0700 level. The next key support is near the $0.0800 level, below which there is a risk of a drop towards the $0.0550 support.
The chart indicates that TRX price is clearly trading well below the $0.1000 support and the 55 simple moving average (4-hours). Overall, the price is likely to face a strong selling interest near the $0.0900 and $0.0920 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 above the 50 level.
Key Support Levels – $0.0800 and $0.0550.
Key Resistance Levels – $0.0900, $0.0920 and $0.1000.
