Tron (TRX) Price Analysis: Bulls Lose Control Below $0.07
TRON price started a fresh decline below $0.0700 against the US Dollar, similar bitcoin. TRX price could decline further if it breaks the $0.0644 support.
Tron Price Analysis
This past week, tron price found support near the $0.0680 level against the US Dollar. TRX price formed a base above the $0.0680 level and started a fresh increase.
It traded above the $0.0700 and $0.0705 resistance levels to move into a positive zone. However, the bears were active near the $0.0715 level. A high was formed near $0.0715 and the price started a fresh decline. There was a move below the $0.0700 and $0.0680 levels.
The price declined below the 50% Fib retracement level of the upward move from the $0.0625 swing low to $0.0715 high. Besides, there was a break below a key bullish trend line with support near $0.0668 on the 4-hours chart.
The price is now trading below $0.0680 and the 55 simple moving average (4-hours). It is also consolidating near the 76.4% Fib retracement level of the upward move from the $0.0625 swing low to $0.0715 high.
On the downside, an initial support is near the $0.0644 level. The next major support is now forming near $0.0625. If there is a downside break below the $0.0625 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.
On the upside, TRX is facing resistance near the $0.0658 level. The first major resistance is near the $0.0670 level. A close above $0.0670 is must for a fresh increase. In the stated case, the price could rise towards the $0.0700 resistance in the near term.
Tron (TRX) Price
The chart indicates that TRX price is now trading below $0.0680 and near the 55 simple moving average (4-hours). Overall, the price could continue to move down if it breaks the $0.0644 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 – $0.0644 and $0.0625.
Key Resistance Levels – $0.0670, $0.0700 and $0.0715.
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