HomeAltcoin NewsTron (TRX) Price Analysis: Trend Remains Bearish Below $0.020

Tron (TRX) Price Analysis: Trend Remains Bearish Below $0.020

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  • Tron price declined heavily after it settled below the $0.0200 support against the US Dollar.
  • TRX price is currently correcting higher after trading to a new monthly low at $0.0159.
  • There is a significant bearish trend line forming with resistance near $0.0184 on the 4-hours chart (data feed via Bitfinex).
  • The price is likely to remain in a downtrend until it settles above the $0.0184 and $0.0200 resistances.

TRON price is trading in a major downtrend against the US Dollar and bitcoin. TRX price could only start a strong recovery once it breaks $0.0184 and gains strength above $0.0200.

Tron Price Analysis

This past week, TRON price accelerated its decline below the $0.0200 support against the US Dollar. The TRX/USD pair even broke the $0.0185 support level and settled below the 55 simple moving average (4-hours). It opened the doors for more downsides and the price tested the $0.0160 support level. A new monthly low was formed near $0.0159 and the price recently started an upside correction.

There was a break above the $0.0170 resistance plus the 23.6% Fibonacci retracement level of the last major decline from the $0.0212 high to $0.0159 low. Additionally, the price managed to pop above the $0.0180 level. However, the upward move was capped by the $0.0184 and $0.0185 resistance levels (the previous supports). The 50% Fibonacci retracement level of the last major decline from the $0.0212 high to $0.0159 low is also near $0.0185.

Moreover, there is a significant bearish trend line forming with resistance near $0.0184 on the 4-hours chart. Therefore, tron price is likely to face a strong selling interest near the $0.0184 and $0.0185 levels. The 55 simple moving average (4-hours) is also near the $0.0185 level to act as a hurdle. If there is a break above $0.0185, the price could recover towards the $0.0194 resistance.

The main resistance is near the $0.0200 level, above which the price could gain bullish momentum. Conversely, if the price fails to climb above $0.0185, there could be another bearish wave. An immediate support is near the $0.0172. The next key support is at $0.0165, below which the price might aim $0.0160.

Tron Price Analysis TRX Chart

The chart indicates that TRX price is still trading in a major downtrend below $0.0185 and $0.0200. A successful close above $0.0185 might increase the chances of more upsides. However, a clear break above $0.0200 is needed to decrease the current bearish pressure.

Technical Indicators

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

4 hours RSI – The RSI for TRX/USD is about to break the 50 level.

Key Support Levels – $0.0185 and $0.0200.

Key Resistance Levels – $0.0172, $0.0165 and $0.0160.

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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