Tron (TRX) Price Analysis: Risk of More Losses Below $0.07

• Tron price started a fresh decline from the $0.0825 resistance against the US Dollar.
• TRX price is now trading below $0.0800 and near the 55 simple moving average (4-hours).
• There is a major bearish trend line forming with resistance near $0.0780 on the 4-hours chart (data feed via Bitfinex).
• The pair could start a major increase if there is a clear break above the $0.0780 resistance.

TRON price started a fresh decline below $0.0850 against the US Dollar, similar to bitcoin. TRX price is recovering, but it must clear $0.0780 for a steady wave.

Tron Price Analysis

After facing resistance, tron price started a fresh decline below the $0.0850 level against the US Dollar. TRX price even broke the $0.0780 support level to enter a bearish zone.

A low was formed near $0.0735 and the price started a recovery wave. There was a break above the $0.0750 level. There was a break above the 23.6% Fib retracement level of the downward move from the $0.0827 swing high to $0.0735 low.

The price even climbed above the $0.0770 level, but it is still below the 55 simple moving average (4-hours). An immediate resistance on the upside is near the $0.0780 level and the 55 simple moving average (4-hours).

There is also a major bearish trend line forming with resistance near $0.0780 on the 4-hours chart. It is near the 50% Fib retracement level of the downward move from the $0.0827 swing high to $0.0735 low. A close above $0.0780 is must for a fresh increase.

In the stated case, the price could rise towards the $0.0850 resistance in the near term. Any more gains could set the pace for a larger increase towards the $0.0920 level.

On the downside, an initial support is near the $0.0750 level. The first major support is now forming near $0.0735. The next major is near the $0.0720 level. Any more losses might call for a move towards the $0.0680 level.

Tron (TRX) Price

The chart indicates that TRX price is now trading below $0.0800 and near the 55 simple moving average (4-hours). Overall, the price could start a major increase if there is a clear break above the $0.0780 resistance.

Technical Indicators

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

4 hours RSI – The RSI for TRX/USD is near the 50 level.

Key Support Levels – $0.0750 and $0.0735.

Key Resistance Levels – $0.0780, $0.0820 and $0.0850.

Tags: TRON, trx