Tron (TRX) Price Analysis: Risk of a Sharp Decline Below $0.024

• Tron price is struggling to clear the $0.0280 and $0.0300 resistance levels against the US Dollar.


• TRX price is now trading well below $0.0280 and the 55 simple moving average (4-hours).


• There is a major bearish trend line forming with resistance near $0.0280 on the 4-hours chart (data feed via Bitfinex).


• The pair remains at a risk of a sharp decline if it fails to stay above the $0.0245 support zone.

TRON price is currently trading in a range above the $0.0245 support against the US Dollar, similar to bitcoin. TRX price must break $0.0280 or it could dive below $0.0245.

Tron Price Analysis

TRON price remained stable above the $0.0245 and $0.0250 support levels against the US Dollar. TRX price started a decent upward move above the $0.0260 and $0.0265 levels, but it faced many hurdles.

It seems like the price is struggling to clear the $0.0280 and $0.0300 resistance levels. The recent high was formed near $0.0289 before the price started a fresh decline. There was a break below the $0.0280 support level.

Besides, the price broke the 50% Fib retracement level of the upward move from the $0.0245 low to $0.0289 high. It is now trading well below $0.0280 and the 55 simple moving average (4-hours).

An initial support is near the $0.0255 level. It is close to the 76.4% Fib retracement level of the upward move from the $0.0245 low to $0.0289 high. The main support is still near the $0.0245 level, below which the price is likely to nosedive.

The next key support is near the $0.0220 level. Any further losses could lead the price towards the $0.0200 level. On the upside, there are many hurdles near $0.0280. There is also a major bearish trend line forming with resistance near $0.0280 on the 4-hours chart.

The next major resistance above the trend line is near the $0.0285 and $0.0300 levels. A close above the $0.0280 resistance and $0.0300 is needed to start a strong upward move in the coming days.

Tron Price

The chart indicates that TRX price is clearly trading in a bearish zone below the $0.0280 resistance. Overall, the price remains at a risk of a sharp decline if it fails to stay above the $0.0245 support zone.

Technical Indicators

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

4 hours RSI – The RSI for TRX/USD is currently well below the 50 the 40 level.

Key Support Levels – $0.0255 and $0.0245.

Key Resistance Levels – $0.0280, $0.0285 and $0.0300.

The post Tron (TRX) Price Analysis: Risk of a Sharp Decline Below $0.024 appeared first on Live Bitcoin News.

Source link