HomeAltcoin NewsTron (TRX) Price Could Tumble Before Fresh Rise

Tron (TRX) Price Could Tumble Before Fresh Rise

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  • Tron price failed to stay above the $0.0235 support and declined recently against the US Dollar.
  • TRX traded below the $0.0230 support and the 55 simple moving average (4-hours).
  • There is a crucial declining channel in place with resistance at $0.0232 on the 4-hours chart (data feed via Bitfinex).
  • The price is likely to extend losses towards the $0.0215 support before it could start a decent rebound.

TRON price is under pressure below key supports against the US Dollar and Bitcoin. TRX could continue to move down towards $0.0215 or $0.0210 before buyers take a stand.

Tron Price Analysis

This past week, there was a sharp rise in TRON price from the $0.0210 swing low against the US Dollar. The TRX/USD pair rallied above the $0.0230 and $0.0240 resistance levels. However, the price failed near the $0.0245 level and later started a downward move. It declined steadily below the$0.0235 and $0.0230 support levels. There was even a close below the $0.0230 support and the 55 simple moving average (4-hours). Besides, there was a break below the 50% Fibonacci retracement level of the last wave from the $0.0210 low to $0.0245 high.

The decline was such that the price tested the $0.0220 support. TRX even traded close to the 76.4% Fibonacci retracement level of the last wave from the $0.0210 low to $0.0245 high. It is currently correcting higher, but there are many resistances on the upside near the $0.0230 level. More importantly, there is a crucial declining channel in place with resistance at $0.0232 on the 4-hours chart. If the price continues to move higher, it could face a strong resistance near $0.0230 and $0.0232.

As long as the price is below the $0.0232 resistance, there is a risk of more losses. An initial support is at $0.0220 level, below which the price may decline sharply. It could test the $0.0214 support or the last swing low at $0.0210 in the near term. Having said that, there are high chances of a bullish reaction from the $0.0214 or $0.0210 support.

Tron Price Analysis TRX Chart

The chart indicates that TRX price is clearly following a bearish pattern below $0.0232. At the same time, the price is approaching a couple of important support levels near the $0.0214 and $0.0210 levels. It seems like buyers are likely to defend the $0.0210 support if the price extends losses from the current levels.

Technical Indicators

4 hours MACD – The MACD for TRX/USD is slowly reducing its bearish slope, with a slight positive bias.

4 hours RSI – The RSI for TRX/USD is slowly moving higher towards the 50 level, with a bullish angle.

Key Support Levels – $0.0214 and $0.0210

Key Resistance Levels – $0.0230, $0.0232 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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