HomeAltcoin NewsTron (TRX) Price Analysis: Downtrend Intact Below $0.018

Tron (TRX) Price Analysis: Downtrend Intact Below $0.018

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  • Tron price remained in a bearish zone below the $0.0180 pivot level against the US Dollar.
  • TRX price traded as low as $0.0141 and it is currently correcting higher.
  • There is a key bearish trend line forming with resistance near $0.0175 on the 4-hours chart (data feed via Bitfinex).
  • The price could correct a few points, but it is likely to struggle near $0.0164 and $0.0175 in the near term.

TRON price is trading in a major downtrend against the US Dollar, similar to bitcoin. TRX price is likely to face a strong selling interest near $0.0180 if it recovers higher.

Tron Price Analysis

In the past few days, there was a strong decline in TRON price below the $0.0200 pivot level against the US Dollar. TRX price broke many important supports near $0.0180 and the 55 simple moving average (4-hours) to enter a bearish zone.

Finally, the price traded below the $0.0150 support area and traded to a new monthly low at $0.0141. The price is currently correcting higher and trading above $0.0150.

It is testing the 23.6% Fibonacci retracement level of the recent decline from the $0.0185 high to $0.0141 low. On the upside, there are a few hurdles visible near the $0.0155 and $0.0160 levels.

The first major resistance is near the $0.0164 level (the recent breakdown zone). The 50% Fibonacci retracement level of the recent decline from the $0.0185 high to $0.0141 low is also near the $0.0162 level.

Moreover, there is a key bearish trend line forming with resistance near $0.0175 on the 4-hours chart. The trend line resistance at $0.1075 is also close to the 55 simple moving average (4-hours).

Therefore, tron price is likely to face a lot of hurdles on the upside near the $0.0175 level and the 55 simple moving average (4-hours). A successful close above the $0.0175 and $0.0180 levels is needed for a strong upward move in the near term.

Conversely, the price might struggle to recover above the $0.0164 and $0.0175 resistance levels. In the mentioned case, the price is likely to resume its decline below the $0.0150 level support.

Tron Price
Tron Price

The chart indicates that TRX price is clearly trading in a downtrend below the $0.0180 and $0.0175 resistance levels. As long as there is no recovery above $0.0180, there is a risk of a larger decline below $0.0150.

Technical Indicators

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

4 hours RSI – The RSI for TRX/USD is recovering and it could move towards the 40 level.

Key Support Levels – $0.0150 and $0.0145.

Key Resistance Levels – $0.0164, $0.0175 and $0.0180.

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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