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Tron (TRX) Price At Risk Of Significant Losses

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  • Tron price failed to break the $0.0240 resistance and declined recently against the US Dollar.
  • TRX is about to settle below the $0.0230 support and the 55 simple moving average (4-hours).
  • There was a break below a key bullish trend line with support at $0.0232 on the 4-hours chart (data feed via Bitfinex).
  • The price is currently at a risk of more losses below the $0.0225 and $0.0222 support levels.

TRON price is trading in a bearish zone below key supports against the US Dollar and Bitcoin. TRX is likely to accelerate losses towards $0.0220 as long as it is below $0.0240.

Tron Price Analysis

This past week, there was a slow and steady rise in TRON price from the $0.0220 support against the US Dollar. The TRX/USD pair gained traction above the $0.0225 and $0.0230 resistance levels. There was also a close above the $0.0230 resistance and the 55 simple moving average (4-hours). However, the price failed to clear the main resistance at $0.0240. A swing high was formed at $0.0240 and later the price started a downside move.

It broke the $0.0232 support and the 23.6% Fibonacci retracement level of the last wave from the $0.0220 low to $0.0240 high. Besides, there was a break below a key bullish trend line with support at $0.0232 on the 4-hours chart. The pair is about to settle below the $0.0230 support, the 55 simple moving average (4-hours), and the 50% Fibonacci retracement level of the last wave from the $0.0220 low to $0.0240 high. Therefore, there is a risk of more losses below the $0.0228 support level.

The next key support is at $0.0225 and the 76.4% Fibonacci retracement level of the last wave from the $0.0220 low to $0.0240 high. Any further losses could push the price back towards the $0.0220 swing low. On the upside, an initial resistance is at $0.0235. The main hurdle for buyers is near $0.0240, above which the price is likely to gain bullish momentum.

Tron Price Analysis TRX Chart

The chart indicates that TRX price is slowly moving into a bearish zone below the $0.0230 support and the 55 simple moving average (4-hours).  If sellers gain strength, the price could decline sharply towards the $0.0220 support. In the worst case, the price may revisit the $0.0215 swing low, where buyers might emerge. On the upside, buyers need to clear $0.0235 and $0.0240.

Technical Indicators

4 hours MACD – The MACD for TRX/USD is gaining strength in the bearish zone, with negative signs.

4 hours RSI – The RSI for TRX/USD moved below the 50 level and it is declining with a bearish angle.

Key Support Levels – $0.0225 and $0.0220

Key Resistance Levels – $0.0232, $0.0235 and $0.0240.

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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