- Tron price started a steady decline after it failed to clear the $0.0220 resistance against the US Dollar.
- TRX price declined below the $0.0205 support zone and the 55 simple moving average (4-hours).
- There is a major bullish trend line forming with support near $0.0196 on the 4-hours chart (data feed via Bitfinex).
- The pair could either start a fresh increase above $0.0200 or it might extend decline below $0.0195.
TRON price is struggling to stay in a positive zone against the US Dollar, similar to bitcoin. TRX price must stay above $0.0195 to start a fresh increase in the near term.
Tron Price Analysis
This past week, TRON price faced a strong resistance near the $0.0218 level against the US Dollar. TRX price failed to continue higher above $0.0218, and started a fresh decline.
There was a break below the $0.0205 support zone and the 55 simple moving average (4-hours). The price even broke the 50% Fibonacci retracement level of the upward move from the $0.0189 swing low to $0.0218 high.
It opened the doors for more losses and the price is now trading below the $0.0200 level. It is testing the 76.4% Fibonacci retracement level of the upward move from the $0.0189 swing low to $0.0218 high. It seems like tron price is now approaching a major support zone near $0.0195.
There is also a major bullish trend line forming with support near $0.0196 on the 4-hours chart. If there is a downside break below the trend line support, the bears are likely to take control and the price might dive below the $0.0195 level.
The next major support is near the $0.0190 level, below which the price could dive towards the $0.0182 support zone in the coming sessions. Conversely, the price might start a fresh increase above the $0.0200 resistance zone.
On the upside, the first major resistance is near the $0.0205 level, above which the price might start a steady increase towards the $0.0212 and $0.0220 levels.
The chart indicates that TRX price is clearly approaching the next major break with a key support near $0.0195. It could either start a fresh increase above $0.0200 or it might extend decline below $0.0195.
Technical Indicators
4 hours MACD – The MACD for TRX/USD is slowly gaining momentum in the bearish zone.
4 hours RSI – The RSI for TRX/USD is now well below the 50 level.
Key Support Levels – $0.0195 and $0.0190.
Key Resistance Levels – $0.0200, $0.0205 and $0.0212.
