HomeAltcoin NewsTron (TRX) Price Analysis: Upsides Remain Limited Below $0.055

Tron (TRX) Price Analysis: Upsides Remain Limited Below $0.055

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  • Tron price started a fresh decline from well above $0.0600 against the US Dollar.
  • TRX price is now trading well below $0.0550 and the 55 simple moving average (4-hours).
  • There is a major bearish trend line forming with resistance near $0.0530 on the 4-hours chart (data feed via Bitfinex).
  • The pair could correct higher, but the bears are likely to remain active near $0.0530 and $0.0550.

TRON price is slowly moving lower below $0.0500 against the US Dollar, similar to bitcoin. TRX price remains at a risk of a larger decline below $0.0500 in the near term.

Tron Price Analysis

After struggling to clear the $0.0600 resistance zone, tron price started a fresh decline against the US Dollar. TRX price broke many important supports near $0.0580 and $0.0550 to move into a bearish zone.

There was also a close below the $0.0550 support level and the 55 simple moving average (4-hours). The price even spiked below the $0.0500 level. It traded as low as $0.0491 and the price is now consolidating losses.

An initial resistance on the upside is near the $0.0512 level. It is close to the 23.6% Fib retracement level of the recent decline from the $0.0576 high to $0.0491 low. The first major resistance is near the $0.0520 level.

There is also a major bearish trend line forming with resistance near $0.0530 on the 4-hours chart. The trend line coincides with the 50% Fib retracement level of the recent decline from the $0.0576 high to $0.0491 low. The main resistance is now forming near the $0.0550 level.

A clear break above the $0.0520 and $0.0550 resistance levels could start a major increase. The next major resistance is near $0.0575 and the 55 simple moving average (4-hours).

An immediate support on the downside is near the $0.0500 level. A downside break below the $0.0500 support zone could set the pace for a larger decline. The next major support is near the $0.0480 level. Any more losses might call for a drop towards the $0.0450 zone.

Tron (TRX) Price
Tron (TRX) Price

The chart indicates that TRX price is now trading well below the $0.0550 resistance and the 55 simple moving average (4-hours). Overall, the price could correct higher, but the bears are likely to remain active near $0.0530 and $0.0550.

Technical Indicators

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

4 hours RSI – The RSI for TRX/USD is now well below the 50 level, with a recovery angle.

Key Support Levels – $0.0500 and $0.0450.

Key Resistance Levels – $0.0520, $0.0530 and $0.0550.

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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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