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HomeAltcoin NewsTron (TRX) Price Analysis: Risk of Downside Break Below $0.066

Tron (TRX) Price Analysis: Risk of Downside Break Below $0.066

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  • Tron price started a fresh decline from the $0.0705 level against the US Dollar.
  • TRX price is now trading below $0.0680 and the 55 simple moving average (4-hours).
  • There is a key bearish trend line forming with resistance near $0.0678 on the 4-hours chart (data feed via Kraken).
  • The pair could continue to move down if it breaks the $0.0660 support zone.

TRON price started a fresh decline below the $0.0680 against the US Dollar, similar bitcoin. TRX price could accelerate lower if there is a move below $0.0533.

Tron Price Analysis

This past week, tron price started a steady decline from well above the $0.0700 resistance level against the US Dollar. TRX price struggled to gain pace for more gains and formed a top near $0.0702.

The price started a fresh decline below the $0.0680 level. There was a clear move below the $0.0665 level. A low is formed near $0.0657 and the price is now consolidating losses. The price is now trading below $0.0680 and the 55 simple moving average (4-hours).

On the upside, TRX is facing resistance near the $0.0668 level. It is near the 23.6% Fib retracement level of the downward move from the $0.0702 swing high to $0.0657 low.

The first major resistance is near the $0.0680 level. There is also a key bearish trend line forming with resistance near $0.0678 on the 4-hours chart. The trend line is near the 50% Fib retracement level of the downward move from the $0.0702 swing high to $0.0657 low.

A close above $0.0678 and $0.0680 is a must for a fresh increase. In the stated case, the price could rise towards the $0.0700 resistance in the near term.

On the downside, an initial support is near the $0.0660 level. The next major support is now forming near $0.0635. If there is a downside break below the $0.0635 support, the price might revisit the $0.0600 support. Any more losses might call for a move towards the $0.0550 zone in the near term.

Tron (TRX) Price
Tron (TRX) Price

The chart indicates that TRX price is now trading below $0.0680 and near the 55 simple moving average (4-hours). Overall, the price could continue to move down if it breaks the $0.0660 support zone.

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 below the 50 level.

Key Support Levels – $0.0660 and $0.0635.

Key Resistance Levels – $0.0680, $0.070 and $0.0716.

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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