HomeBlogsTron (TRX) Price Analysis: Risk of a Sharp Decline Below $0.024

Tron (TRX) Price Analysis: Risk of a Sharp Decline Below $0.024

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  • Tron price is struggling to clear the $0.0280 and $0.0300 resistance levels against the US Dollar.
  • TRX price is now trading well below $0.0280 and the 55 simple moving average (4-hours).
  • There is a major bearish trend line forming with resistance near $0.0280 on the 4-hours chart (data feed via Bitfinex).
  • The pair remains at a risk of a sharp decline if it fails to stay above the $0.0245 support zone.

TRON price is currently trading in a range above the $0.0245 support against the US Dollar, similar to bitcoin. TRX price must break $0.0280 or it could dive below $0.0245.

Tron Price Analysis

TRON price remained stable above the $0.0245 and $0.0250 support levels against the US Dollar. TRX price started a decent upward move above the $0.0260 and $0.0265 levels, but it faced many hurdles.

It seems like the price is struggling to clear the $0.0280 and $0.0300 resistance levels. The recent high was formed near $0.0289 before the price started a fresh decline. There was a break below the $0.0280 support level.

Besides, the price broke the 50% Fib retracement level of the upward move from the $0.0245 low to $0.0289 high. It is now trading well below $0.0280 and the 55 simple moving average (4-hours).

An initial support is near the $0.0255 level. It is close to the 76.4% Fib retracement level of the upward move from the $0.0245 low to $0.0289 high. The main support is still near the $0.0245 level, below which the price is likely to nosedive.

The next key support is near the $0.0220 level. Any further losses could lead the price towards the $0.0200 level. On the upside, there are many hurdles near $0.0280. There is also a major bearish trend line forming with resistance near $0.0280 on the 4-hours chart.

The next major resistance above the trend line is near the $0.0285 and $0.0300 levels. A close above the $0.0280 resistance and $0.0300 is needed to start a strong upward move in the coming days.

Tron Price
Tron Price

The chart indicates that TRX price is clearly trading in a bearish zone below the $0.0280 resistance. Overall, the price remains at a risk of a sharp decline if it fails to stay above the $0.0245 support zone.

Technical Indicators

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

4 hours RSI – The RSI for TRX/USD is currently well below the 50 the 40 level.

Key Support Levels – $0.0255 and $0.0245.

Key Resistance Levels – $0.0280, $0.0285 and $0.0300.

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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