HomeAltcoin NewsTron (TRX) Price Analysis: Trend Overwhelmingly Negative Below $0.0215

Tron (TRX) Price Analysis: Trend Overwhelmingly Negative Below $0.0215

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  • Tron price failed to climb above the $0.0235 resistance and declined recently against the US Dollar.
  • TRX price is currently trading in a strong downtrend below the $0.0215 resistance.
  • There is a major bearish trend line forming with resistance near $0.0210 on the 4-hours chart (data feed via Bitfinex).
  • The price is likely to decline further towards the $0.0190 and $0.0175 support levels in the near term.

TRON price is trading with a bearish bias against the US Dollar and bitcoin. TRX price could continue to weaken unless it recovers above $0.0215 and $0.0220.

Tron Price Analysis

This past week, TRON price made another attempt to climb above the $0.0235 resistance against the US Dollar. However, the TRX/USD pair failed to continue higher and started a fresh decline below $0.0230. There was a break below the $0.0220 support and the 55 simple moving average (4-hours). Moreover, the price settled below the $0.0215 pivot level and broke the $0.0200 support.

A new monthly low was formed near $0.0193 and the price recently corrected higher. It traded above the 23.6% Fibonacci retracement level of the last slide from the $0.0234 high to $0.0193 low. Additionally, the price recovered above $0.0200, but it struggled to clear the $0.0210 level. More importantly, there is a major bearish trend line forming with resistance near $0.0210 on the 4-hours chart.

Above the trend line, the main resistance is near the $0.0215 level. The 50% Fibonacci retracement level of the last slide from the $0.0234 high to $0.0193 low is also near the $0.0214 level to act as a strong resistance. Finally, the 55 SMA is near the $0.0214 level. Therefore, the bulls are likely to face a strong resistance near $0.0210, $0.0214 and $0.0215.

On the downside, an immediate support is near the $0.0200 level. If there is a downside break below $0.0200, the price could continue to decline and it might even trade below the $0.0193 low. The next key support is at $0.0190, below which the price could decline towards $0.0175.

Tron Price Analysis TRX Chart

The chart indicates that TRX price is under a lot of selling pressure below $0.0215 and $0.0220. As long as the price is trading below the $0.0215 pivot level, there is a risk of more downsides. A daily close below the $0.0200 level is likely to spark another strong decline. In the mentioned case, the bears are likely to aim the $0.0175 support area.

Technical Indicators

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

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

Key Support Levels – $0.0200 and $0.0190.

Key Resistance Levels – $0.0210, $0.0215 and $0.0220.

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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