38.8 C
Dubai
Monday, May 27, 2024
HomeAltcoin NewsTron (TRX) Price Analysis: Support Turned Resistance Near $0.090

Tron (TRX) Price Analysis: Support Turned Resistance Near $0.090

Date:

Related stories

  • Tron price is down over 15% and it broke the $0.0920 support against the US Dollar.
  • TRX price is now trading below $0.0900 and the 55 simple moving average (4-hours).
  • There was a break below a key bullish trend line with support near $0.0920 on the 4-hours chart (data feed via Bitfinex).
  • The pair must clear the $0.0900 and $0.0920 resistance levels to move into a positive zone.

TRON price is declined heavily from well above $0.1000 against the US Dollar, similar to bitcoin. TRX price is likely to resume its decline unless it surpasses $0.0900.

Tron Price Analysis

After struggling to clear the key $0.1050 resistance, tron price started a fresh decline against the US Dollar. TRX price broke the $0.0920 support zone to move into a bearish zone.

The pair even broke the $0.0900 support and the 55 simple moving average (4-hours). There was a break below a key bullish trend line with support near $0.0920 on the 4-hours chart. It dived below the $0.0850 and $0.0820 levels. A low is formed near $0.0770 and it is now correcting losses.

There was a break above the $0.0820 resistance zone. The price traded above the 23.6% Fib retracement level of the recent decline from the $0.1073 swing high to $0.0720 swing low. An initial resistance is near the $0.0890 level.

The first major resistance is near the $0.0900 level. The main resistance is now forming near the $0.0920 level. It is near the 50% Fib retracement level of the recent decline from the $0.1073 swing high to $0.0720 swing low.

Any more gains could set the pace for a move towards the main $0.1000 resistance zone. On the downside, an initial support is near the $0.0840 level. The main support is now forming near $0.0820. Any more losses might call for a sharp decline towards the $0.0780 level. The next major support below $0.0780 could be near the $0.0720 zone.

Tron (TRX) Price
Tron (TRX) Price

The chart indicates that TRX price is now trading below $0.0900 and the 55 simple moving average (4-hours). Overall, the price must clear the $0.0900 and $0.0920 resistance levels to move into a positive zone.

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 now well below the 50 level.

Key Support Levels – $0.0820 and $0.0780.

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.

Subscribe

Latest stories