- Tron price started a fresh downside correction from the $0.064 zone against the US Dollar.
- TRX price is now trading below $0.0620 and the 55 simple moving average (4-hours).
- There was a break below a key bullish trend line with support near $0.0620 on the 4-hours chart (data feed via Kraken).
- The pair could continue to move down if it breaks the $0.0585 support zone.
TRON price started a downside correction below the $0.0620 against the US Dollar, similar bitcoin. TRX price could accelerate lower if there is a move below $0.0585.
Tron Price Analysis
This past week, tron price started a steady increase above the $0.0600 resistance level against the US Dollar. TRX price struggled to gain pace for more gains and formed a top near $0.0640.
The price started a fresh decline below the $0.0620 level. There was a move below the 50% Fib retracement level of the upward move from the $0.0589 swing low to $0.0636 high. Besides, there was also a break below a key bullish trend line with support near $0.0620 on the 4-hours chart.
The price is now trading below $0.0620 and the 55 simple moving average (4-hours). On the upside, TRX is facing resistance near the $0.0620 level.
The first major resistance is near the $0.0635 level. A close above $0.0635 and $0.0640 is a must for a fresh increase. In the stated case, the price could rise towards the $0.0680 resistance in the near term.
On the downside, an initial support is near the $0.0600 level. It is near the 76.4% Fib retracement level of the upward move from the $0.0589 swing low to $0.0636 high. The next major support is now forming near $0.0585. If there is a downside break below the $0.0585 support, the price might revisit the $0.0550 support. Any more losses might call for a move towards the $0.0520 zone in the near term.
The chart indicates that TRX price is now trading below $0.0620 and near the 55 simple moving average (4-hours). Overall, the price could continue to move down if it breaks the $0.0585 support zone.
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 below the 50 level.
Key Support Levels – $0.0585 and $0.0550.
Key Resistance Levels – $0.0620, $0.0635 and $0.0680.
