TRON price started a major drop below $0.1050 against the US Dollar, similar to bitcoin. TRX price is declining and there is a risk of more losses below $0.0980.
Tron Price Analysis
After a steady recovery increase, tron price faced sellers near the $0.1100 level against the US Dollar. TRX price traded as high as $0.1097 and started a fresh decline.
There was a clear break below the $0.1050 support and the 55 simple moving average (4-hours). The price even traded below the 61.8% Fib retracement level of the upward move from the $0.0980 swing low to $0.1097 high.
The price is now trading below $0.1020 and the 55 simple moving average (4-hours). It is also trading near the 76.4% Fib retracement level of the upward move from the $0.0980 swing low to $0.1097 high. On the downside, an initial support is near the $0.1000 level.
The first major support is now forming near $0.0980. The next major is near the $0.0950 level. Any more losses might call for a sharp decline towards the $0.0900 level.
An immediate resistance on the upside is near the $0.1035 level. The first major resistance is near the $0.1050 level. There is also a major bearish trend line forming with resistance near $0.1040 on the 4-hours chart. The main resistance sits near $0.1070 and the 55 simple moving average (4-hours).
A close above $0.1050 and $0.1070 is must for a fresh increase. In the stated case, the price could rise towards the $0.1120 resistance in the near term. Any more gains could set the pace for a larger increase towards the $0.1200 level.
Tron (TRX) Price
The chart indicates that TRX price is now trading below $0.1050 and the 55 simple moving average (4-hours). Overall, the price could extend losses if it settles below the $0.1000 level in the near term.
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 – $0.1000 and $0.0980.
Key Resistance Levels – $0.1035, $0.1050 and $0.1070.
Source: Read Full Article