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HomeAltcoin NewsTron (TRX) Price Analysis: Key Support Nearby, Can Bulls Bounce Back?

Tron (TRX) Price Analysis: Key Support Nearby, Can Bulls Bounce Back?

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  • Tron price started a fresh decline after it failed to surpass the $0.0160 resistance against the US Dollar.
  • TRX price is now trading well below the $0.0142 and $0.0145 resistance levels.
  • There was a break below a major bullish trend line with support near $0.0140 on the 4-hours chart (data feed via Bitfinex).
  • The bears are likely to gain momentum if there is a clear break below the $0.0132 support.

TRON price is showing a few bearish signs against the US Dollar and bitcoin. TRX price remains at a risk of more losses below the $0.0132 and $0.0130 support levels.

Tron Price Analysis

In the past few days, TRON price started a decent upward move above the $0.0132 resistance against the US Dollar. Moreover, TRX price climbed above the $0.0150 resistance and the 55 simple moving average (4-hours).

However, the price struggled to continue higher above $0.0160. A high was formed near $0.0160 and the price started another bearish wave. There was a break below the $0.0145 support area.

Besides, the price broke the 50% Fibonacci retracement level of the upward move from the $0.0121 low to $0.0160 high. More importantly, there was a break below a major bullish trend line with support near $0.0140 on the 4-hours chart.

The pair is now trading below the $0.0135 level and the 55 simple moving average (4-hours). An immediate support is near the $0.0132 level. The next major support is near the $0.0130 level.

Additionally, the 76.4% Fibonacci retracement level of the upward move from the $0.0121 low to $0.0160 high is also near the $0.0130 level to provide support.

If there is a downside break below the $0.0130 support, tron price could continue to decline. The next major support is near the $0.0125 level, followed by the $0.0120 swing low.

On the upside, there are many hurdles for the bulls, starting with $0.0140. If the price breaks the $0.0140 level, it could test the $0.0145 resistance area. The next major hurdle for the bulls is seen near the $0.0150 level, above which the next stop might be $0.0160.

Tron Price
Tron Price

The chart indicates that TRX price is trading in a bearish zone below the $0.0145 and $0.0140 levels. Therefore, there are high chances of more losses below the $0.0132 and $0.0130 support levels.

Technical Indicators

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

4 hours RSI – The RSI for TRX/USD is currently declining and it is now well below the 50 level.

Key Support Levels – $0.0132 and $0.0130.

Key Resistance Levels – $0.0140, $0.0145 and $0.0150.

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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