HomeAltcoin NewsTron (TRX) Price Analysis: Primed For Further Bearish Acceleration

Tron (TRX) Price Analysis: Primed For Further Bearish Acceleration

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  • Tron price is gaining bearish momentum below $0.0140 and $0.0136 against the US Dollar.
  • TRX price is likely to continue lower below the $0.0132 and $0.0130 support levels.
  • There is a crucial bearish trend line forming with resistance near $0.0140 on the 4-hours chart (data feed via Bitfinex).
  • The bears are likely to remain in action and the price could even trade below $0.0130.

TRON price is moving further into the bearish zone against the US Dollar and bitcoin. TRX price could continue to slide unless it recovers above the $0.0140 resistance.

Tron Price Analysis

After multiple rejections near the $0.0150 resistance levels, TRON price started a fresh decline against the US Dollar. As a result, TRX price broke a few important supports near the $0.0142 and $0.0140 levels.

Moreover, there was a close below the $0.0140 support and the 55 simple moving average (4-hours). It opened the doors for more losses below the $0.0135 support. The recent monthly low is near $0.0131 and the price is currently consolidating.

An immediate resistance is near the $0.0135 level. Besides, the 23.6% Fibonacci retracement level of the recent decline from the $0.0148 high to $0.0131 low is also near the $0.0135 level.

However, the main resistance on the upside is near the $0.0140 level. Additionally, there is a crucial bearish trend line forming with resistance near $0.0140 on the 4-hours chart.

More importantly, the 50% Fibonacci retracement level of the recent decline from the $0.0148 high to $0.0131 low is near the $0.0140 level. Therefore, tron price must surpass the $0.0140 resistance level to start a decent upward move in the near term.

The next resistance is near the $0.0142 level and the 55 simple moving average (4-hours). A successful close above $0.0140 and $0.0142 is likely to set the stage for a recovery towards $0.0150 and $0.0152.

Conversely, the price could fail to correct above the $0.0140 and $0.0142 resistance levels. In the mentioned case, the price is likely to continue lower below $0.0132. If it breaks the $0.0130 support, there could be a nasty decline towards the $0.0125 level.

Tron Price
Tron Price

The chart indicates that TRX price is showing a lot of bearish signs below the $0.0140 and $0.0142 resistance levels. Therefore, there is a risk of another sharp decline below $0.0132 and $0.0130 in the coming sessions.

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 30 level.

Key Support Levels – $0.0132 and $0.0130.

Key Resistance Levels – $0.0135, $0.0140 and $0.0142.

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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