Tron price started a fresh decline from the $0.0720 resistance against the US Dollar.
TRX price is now trading below $0.0620 and near the 55 simple moving average (4-hours).
There is a key bearish trend line forming with resistance near $0.0572 on the 4-hours chart (data feed via Bitfinex).
The pair could continue to move down if it stays below the $0.0620 pivot level.
TRON price started a fresh decline below $0.0720 against the US Dollar, similar to bitcoin. TRX price remains at a risk of more downsides unless it climbs above $0.0620.
Tron Price Analysis
After facing resistance, tron price started a fresh decline below the $0.0700 level against the US Dollar. TRX price broke the $0.0650 support level to enter a bearish zone.
It even traded below the $0.0620 level and tested the 55 simple moving average (4-hours). It even spiked below the $0.0600 level and traded as low as $0.0511. Recently, there was a recovery wave above the $0.0550 level.
The price climbed above the 23.6% Fib retracement level of the downward move from the $0.0721 swing high to $0.0511 low. An immediate resistance on the upside is near the $0.0575 level. Besides, there is a key bearish trend line forming with resistance near $0.0572 on the 4-hours chart.
The next major resistance is near the $0.0630 level. It is near the 50% Fib retracement level of the downward move from the $0.0721 swing high to $0.0511 low.
A close above $0.0620 is must for a fresh increase. In the stated case, the price could rise towards the $0.0700 resistance in the near term. Any more gains could set the pace for a larger increase towards the $0.0750 level.
On the downside, an initial support is near the $0.0550 level. The next major support is now forming near $0.0520, below which there is a risk of a larger decline. The next key is near the $0.0500 level. Any more losses might call for a move towards the $0.0450 level.
The chart indicates that TRX price is now trading below $0.0600 and near the 55 simple moving average (4-hours). Overall, the price could continue to move down if it stays below the $0.0620 pivot level.
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 above the 50 level.
Key Support Levels – $0.0550 and $0.0520.
Key Resistance Levels – $0.0580, $0.0620 and $0.0700.
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