HomeAltcoin NewsTron (TRX) Price Analysis: Bear’s Remain In Driver’s Seat

Tron (TRX) Price Analysis: Bear’s Remain In Driver’s Seat

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  • Tron price declined heavily below $0.0200 and $0.0180 against the US Dollar.
  • TRX price traded as low as $0.0156 and it is currently correcting above $0.0170.
  • There is a major bearish trend line forming with resistance near $0.0185 on the 4-hours chart (data feed via Bitfinex).
  • The price struggle to clear the $0.0185 and $0.0190 resistance levels in the near term.

TRON price is recovering, but it is facing many hurdles against the US Dollar, similar to bitcoin. TRX price must settle above $0.0190 to start a strong recovery towards $0.0220.

Tron Price Analysis

This past week, we saw a strong decline in TRON price below the $0.0200 support level against the US Dollar. TRX price even broke the key $0.0190 support level and settled below the 55 simple moving average (4-hours) to move into a bearish zone.

Finally, the price spiked below the $0.0160 level and traded as low as $0.0156. It is currently correcting higher and trading above the $0.0170 level. There was a break above the 23.6% Fibonacci retracement level of the downward move from the $0.0214 high to $0.0156 low.

On the upside, an initial resistance is seen near the $0.0180 level and the 55 simple moving average (4-hours). The first major resistance is near the $0.0185 level. It coincides with the 50% Fibonacci retracement level of the downward move from the $0.0214 high to $0.0156 low.

Moreover, there is a major bearish trend line forming with resistance near $0.0185 on the 4-hours chart. Therefore, tron price must surpass the $0.0185 and $0.0190 resistance levels to start a strong recovery in the near term.

The next major hurdles are seen near the $0.0200 and $0.0205 levels. Any further gains could lead the price towards the $0.0220 level.

Conversely, the price might fail to continue above the $0.0185 and $0.0190 resistance levels. In the mentioned case, the price is likely to resume its decline below the $0.0170 level. The next major support is near the $0.0155 level, below which there is a risk of a sharp decline below $0.0150.

Tron Price
Tron Price

The chart indicates that TRX price is clearly correcting higher above $0.0170. Still, there are many key hurdles near the $0.0185 and $0.0190, above which the trend could change from bearish to bullish.

Technical Indicators

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

4 hours RSI – The RSI for TRX/USD is sliding and it could break the 50 level.

Key Support Levels – $0.0170 and $0.0155.

Key Resistance Levels – $0.0205, $0.0208 and $0.0215.

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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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