HomeAltcoin NewsTron (TRX) Price Analysis: Recovery Possible If It Clears $0.09

Tron (TRX) Price Analysis: Recovery Possible If It Clears $0.09

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  • Tron price started a fresh decline below the $0.1000 zone against the US Dollar.
  • TRX price is now trading below $0.1000 and the 55 simple moving average (4-hours).
  • There is a major bearish trend line forming with resistance near $0.0900 on the 4-hours chart (data feed via Bitfinex).
  • The pair could start a steady increase if there is a clear break above the $0.0900 resistance.

TRON price extended its decline below $0.1000 against the US Dollar, similar to bitcoin. TRX price could start a recovery wave if it clears $0.0900.

Tron Price Analysis

After forming a top near the $0.1000 level, tron price started a fresh decline against the US Dollar. TRX price broke the $0.0900 support zone to move into a bearish zone.

The price even broke the $0.0850 support and settled below the 55 simple moving average (4-hours). The price traded as low as $0.0829 and it is now consolidating losses. An initial resistance is near the $0.0870 level. It is near the 23.6% Fib retracement level of the recent decline from the $0.1005 swing high to $0.0829 low.

The first major resistance is near the $0.0900 level. There is also a major bearish trend line forming with resistance near $0.0900 on the 4-hours chart.

The next major stop for the bulls could be $0.0920 in the near term. It is near the 50% Fib retracement level of the recent decline from the $0.1005 swing high to $0.0829 low.

A close above $0.0900 and $0.0920 is must for a fresh increase. In the stated case, the price could rise towards the $0.1000 barrier in the near term. On the downside, an initial support is near the $0.0835 level. The first major support is now forming near $0.0830.

Any more losses might call for a sharp decline towards the $0.0750 level. The next major support below $0.0750 could be near the $0.0700 zone.

Tron (TRX) Price
Tron (TRX) Price

The chart indicates that TRX price is now trading below $0.1000 and the 55 simple moving average (4-hours). Overall, the price could start a steady increase if there is a clear break above the $0.0900 resistance.

Technical Indicators

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

4 hours RSI – The RSI for TRX/USD is still below the 50 level.

Key Support Levels – $0.0850 and $0.0825.

Key Resistance Levels – $0.0900, $0.0920 and $0.1000.

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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