HomeAltcoin NewsTron (TRX) Price Primed For More Losses Below $0.0220

Tron (TRX) Price Primed For More Losses Below $0.0220

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  • Tron price struggled to clear the $0.0245 resistance and declined recently against the US Dollar.
  • TRX traded below the $0.0230 support area and the 55 simple moving average (4-hours).
  • There is a major bullish trend line formed with support at $0.0225 on the 4-hours chart (data feed via Bitfinex).
  • The price is currently trading with a bearish bias and it could accelerate losses below $0.0220.

TRON price is currently under a lot of selling pressure against the US Dollar and Bitcoin. TRX might soon break the $0.0220 support level and accelerate losses in the near term.

Tron Price Analysis

This past week, TRON price found a decent support base near the $0.0222 level against the US Dollar. The TRX/USD pair started a nice upward move and traded above the $0.0230 and $0.0240 levels. The price even broke the $0.0242 level, but it faced a strong resistance near the $0.0245 level. A swing high was formed at $0.0247 and later the price started a fresh decline. Sellers gained control below $0.0240 and pushed the price into a bearish zone.

The decline was strong as the price broke the 61.8% Fibonacci retracement level of the last wave from the $0.0221 low to $0.0247 high. Besides, there was a close below the $0.0230 support and the 55 simple moving average (4-hours). The price is now trading in a bearish zone below the 76.4% Fibonacci retracement level of the last wave from the $0.0221 low to $0.0247 high. On the downside, an immediate support is near the $0.0225 level.

There is also a major bullish trend line formed with support at $0.0225 on the 4-hours chart. The current price action suggests more losses in TRX below the $0.0225 and $0.0220 support levels. Sellers might target the 1.236 Fib extension level of the last wave from the $0.0221 low to $0.0247 high at $0.0215. Moreover, if sellers remain in action, there are chances of a break towards the $0.0210 level.

Tron Price Analysis TRX Chart

The chart indicates that TRX price is clearly trading in a bearish zone below $0.0230 and the 55 simple moving average (4-hours).  If there is an upside correction, the price could face selling interest near $0.0230 and $0.0231. Only a close above $0.0232 and the 55 SMA might open the doors for more gains in the near term. If not, there is a risk of a downside break below the $0.0220 support level.

Technical Indicators

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

4 hours RSI – The RSI for TRX/USD is now well below the 50 level and it is could test the 30 level.

Key Support Levels – $0.0225 and $0.0220

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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