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HomeAltcoin NewsTron (TRX) Price Analysis: Bulls Struggling To Defend Key Uptrend Support

Tron (TRX) Price Analysis: Bulls Struggling To Defend Key Uptrend Support

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  • Tron price started a downside correction from the $0.0190 zone against the US Dollar.
  • TRX price declined below $0.0180 and it is currently trading near the $0.0172 support zone.
  • There is a crucial contracting triangle forming with resistance near $0.0181 on the 4-hours chart (data feed via Bitfinex).
  • The pair could start a strong downward move if it breaks the $0.0172 and $0.0170 support levels.

TRON price is trading near a major support zone against the US Dollar, similar to bitcoin. TRX price must stay above $0.0170 to start a fresh increase in the near term.

Tron Price Analysis

This past week, TRON price extended its rise towards the $0.0200 level against the US Dollar. However, TRX price faced a strong selling interest near the $0.0190 zone and it settled above the 55 simple moving average (4-hours).

A high was formed near $0.0190 and the price started a steady decline. It traded below the $0.0180 support level. The last swing high was formed near $0.0184 before the price traded below the $0.0175 level and the 55 simple moving average (4-hours).

The price is now trading near the main uptrend support at $0.0172. An initial resistance is near the $0.0177 level or the 50% Fibonacci retracement level of the recent decline from the $0.0184 high to $0.0170 low.

It seems like there is a crucial contracting triangle forming with resistance near $0.0181 on the 4-hours chart. TRX price is clearly facing a strong resistance near the $0.0180 level and the 55 simple moving average (4-hours). The 61.8% Fibonacci retracement level of the recent decline from the $0.0184 high to $0.0170 low is also near $0.01795.

Therefore, the bulls need to gain strength above the $0.0178, $0.0180 and $0.0182 resistance levels to initiate a fresh increase. In this case, the price could break $0.0190 and continue higher towards the $0.0200 barrier in the near term.

Tron (TRX) Price
Tron (TRX) Price

The chart indicates that TRX price is clearly trading near a couple of important support at $0.0172 and $0.0170. If it fails to recover above $0.0178, there is a risk of a sharp decline below $0.0170. The next major support below $0.0170 is seen near the $0.0162 level.

Technical Indicators

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

4 hours RSI – The RSI for TRX/USD is now below the 40 level, with a bearish angle.

Key Support Levels – $0.0172 and $0.0170.

Key Resistance Levels – $0.0178, $0.0180 and $0.0182.

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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