- 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.
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.
