Tron (TRX) Price Analysis: Bears In Action Below $0.11
TRON price started a major drop below $0.1150 against the US Dollar, similar to bitcoin. TRX price is declining and there is a risk of more losses below $0.1000.
Tron Price Analysis
After a major increase, tron price faced sellers near the $0.1300 level against the US Dollar. TRX price traded as high as $0.1292 and started a fresh decline.
There was a clear break below the $0.1200 support and the 55 simple moving average (4-hours). Besides, there was a break below a key bullish trend line with support near $0.1100 on the 4-hours chart. The price even traded below the 61.8% Fib retracement level of the upward move from the $0.1030 swing low to $0.1292 high.
The price is now trading below $0.1100 and the 55 simple moving average (4-hours). On the downside, an initial support is near the $0.1050 level.
The first major support is now forming near $0.1020. The main support is near $0.1000 and $0.09800. It is close to the 1.236 Fib extension level of the upward move from the $0.1030 swing low to $0.1292 high. Any more losses might call for a sharp decline towards the $0.0920 level.
The next major support is near the $0.0880 level in the near term. An immediate resistance on the upside is near the $0.1100 level. The first major resistance is near the $0.1120 level and the 55 simple moving average (4-hours).
A close above $0.1120 and $0.1130 is must for a fresh increase. In the stated case, the price could rise towards the $0.1200 resistance in the near term. Any more gains could set the pace for a larger increase towards the $0.1280 level.
Tron (TRX) Price
The chart indicates that TRX price is now trading below $0.1200 and the 55 simple moving average (4-hours). Overall, the price could extend losses if it settles below the $0.1120 level in the near term.
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 below the 50 level.
Key Support Levels – $0.1050 and $0.0980.
Key Resistance Levels – $0.1120, $0.1150 and $0.1200.
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