- Tron price started a fresh decline from the $0.0708 level against the US Dollar.
- TRX price is now trading below $0.0660 and the 55 simple moving average (4-hours).
- There is a key bearish trend line forming with resistance near $0.0664 on the 4-hours chart (data feed via Bitfinex).
- The pair could continue to move down if it breaks the $0.0642 support zone.
TRON price started a fresh decline below $0.0680 against the US Dollar, similar bitcoin. TRX price could decline further if it breaks the $0.0642 support.
Tron Price Analysis
This past week, tron price faced a strong resistance near the $0.0705 and $0.0705 levels against the US Dollar. TRX price traded as high as $0.0707 and started a fresh decline.
There was a move below the $0.0700 and $0.0680 levels. The price gained pace for a move below the $0.0660 support zone and the 55 simple moving average (4-hours). It even spiked below the $0.064 level and traded as low as $0.0630.
The price is now trading below $0.0660 and the 55 simple moving average (4-hours). It is also consolidating above the 23.6% Fib retracement level of the recent decline from the $0.0707 swing high to $0.0630 low.
On the upside, TRX is facing resistance near the $0.0655 level. The first major resistance is near the $0.0660 level. There is also a key bearish trend line forming with resistance near $0.0664 on the 4-hours chart. The trend line is close to the 50% Fib retracement level of the recent decline from the $0.0707 swing high to $0.0630 low.
A close above $0.0660 and $0.0680 is a must for a fresh increase. In the stated case, the price could rise towards the $0.0700 resistance in the near term.
On the downside, an initial support is near the $0.0642 level. The next major support is now forming near $0.0630. If there is a downside break below the $0.0630 support, the price might revisit the $0.0600 support. Any more losses might call for a move towards the $0.0550 zone in the near term.
The chart indicates that TRX price is now trading below $0.0660 and near the 55 simple moving average (4-hours). Overall, the price could continue to move down if it breaks the $0.0642 support zone.
Technical Indicators
4 hours MACD – The MACD for TRX/USD is slowly gaining momentum in the bearish zone.
4 hours RSI – The RSI for TRX/USD is below the 50 level.
Key Support Levels – $0.0642 and $0.0630.
Key Resistance Levels – $0.0660, $0.0680 and $0.0700.
