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HomeAltcoin NewsTron (TRX) Price Analysis: Risk of More Losses Below $0.07

Tron (TRX) Price Analysis: Risk of More Losses Below $0.07

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  • Tron price started a fresh decline from the $0.0825 resistance against the US Dollar.
  • TRX price is now trading below $0.0800 and near the 55 simple moving average (4-hours).
  • There is a major bearish trend line forming with resistance near $0.0780 on the 4-hours chart (data feed via Bitfinex).
  • The pair could start a major increase if there is a clear break above the $0.0780 resistance.

TRON price started a fresh decline below $0.0850 against the US Dollar, similar to bitcoin. TRX price is recovering, but it must clear $0.0780 for a steady wave.

Tron Price Analysis

After facing resistance, tron price started a fresh decline below the $0.0850 level against the US Dollar. TRX price even broke the $0.0780 support level to enter a bearish zone.

A low was formed near $0.0735 and the price started a recovery wave. There was a break above the $0.0750 level. There was a break above the 23.6% Fib retracement level of the downward move from the $0.0827 swing high to $0.0735 low.

The price even climbed above the $0.0770 level, but it is still below the 55 simple moving average (4-hours). An immediate resistance on the upside is near the $0.0780 level and the 55 simple moving average (4-hours).

There is also a major bearish trend line forming with resistance near $0.0780 on the 4-hours chart. It is near the 50% Fib retracement level of the downward move from the $0.0827 swing high to $0.0735 low. A close above $0.0780 is must for a fresh increase.

In the stated case, the price could rise towards the $0.0850 resistance in the near term. Any more gains could set the pace for a larger increase towards the $0.0920 level.

On the downside, an initial support is near the $0.0750 level. The first major support is now forming near $0.0735. The next major is near the $0.0720 level. Any more losses might call for a move towards the $0.0680 level.

Tron (TRX) Price
Tron (TRX) Price

The chart indicates that TRX price is now trading below $0.0800 and near the 55 simple moving average (4-hours). Overall, the price could start a major increase if there is a clear break above the $0.0780 resistance.

Technical Indicators

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

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

Key Support Levels – $0.0750 and $0.0735.

Key Resistance Levels – $0.0780, $0.0820 and $0.0850.

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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