HomeAltcoin NewsTron (TRX) Price Analysis: Range Moves Below Key $0.033

Tron (TRX) Price Analysis: Range Moves Below Key $0.033

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  • Tron price is still facing a strong resistance near the $0.0325 and $0.0330 levels against the US Dollar.
  • TRX price is now trading well below $0.0300 and the 55 simple moving average (4-hours).
  • There was a break below a connecting bullish trend line with support near $0.0302 on the 4-hours chart (data feed via Bitfinex).
  • The pair could revisit the $0.0280 support or even $0.0265 in the near term.

TRON price is struggling to gain bullish momentum above $0.0320 against the US Dollar, similar to bitcoin. TRX price could soon retest the main $0.0265 support zone.

Tron Price Analysis

Recently, there was another attempt by TRON price to clear the $0.0325 and $0.0330 resistance levels against the US Dollar. However, TRX price failed to clear the $0.0330 level, formed a high near $0.0327, and recently started a fresh decline.

There was a break below the $0.0310 support level. The bears were able to push the price below the 50% Fib retracement level of the upward move from the $0.0262 swing low to $0.0327 high.

There was also a break below a connecting bullish trend line with support near $0.0302 on the 4-hours chart. The price is now trading well below $0.0300 and the 55 simple moving average (4-hours). It is testing the 61.8% Fib retracement level of the upward move from the $0.0262 swing low to $0.0327 high.

If there is a downside break below the $0.0285 support zone, the price could continue to move down. The next major support is near the $0.0270 level. The main support is still near $0.0265, below which the price could decline heavily in the near term.

On the upside, an initial resistance is near the $0.0300 level and the 55 simple moving average (4-hours). The next key resistance is near the $0.0312 level. The main hurdle on the upside for the bulls is still near the $0.0325 and $0.0330 resistance levels.

To start a fresh increase, the price must clear the $0.0325 and $0.0330 resistance levels. The next major barrier for the bulls could be $0.0365.

Tron (TRX) Price
Tron (TRX) Price

The chart indicates that TRX price is clearly struggling to stay above $0.0285. Overall, the price could revisit the $0.0280 support or even $0.0265 in the near term.

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 now below the 50 level.

Key Support Levels – $0.0285 and $0.0265.

Key Resistance Levels – $0.0300, $0.0312 and $0.0330.

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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