TRON price is showing a few bearish signs against the US Dollar and bitcoin. TRX price could decline further towards $0.0130 unless it surpasses the $0.0155 resistance.
Tron Price Analysis
After struggling to clear the $0.0164 and $0.0160 resistance levels, TRON price declined below $0.0155 against the US Dollar. TRX price tested the $0.0142 support area and recently corrected higher.
It broke the $0.0145 and $0.0148 resistance levels. Moreover, there was a break above the 23.6% Fibonacci retracement level of the downward move from the $0.0161 high to $0.01419 low.
However, the price failed to stay above the $0.0150 level and remained well below the 55 simple moving average (4-hours). Besides, the 50% Fibonacci retracement level of the downward move from the $0.0161 high to $0.01419 low acted as a strong resistance.
As a result, the price declined again below the $0.0145 support area. Tron price is now trading near the $0.0142 support area and it is well below the 55 simple moving average (4-hours).
If there is a downside break below the $0.0142 support area, there is a risk of a sharp decline below the $0.0140 level. The next major support is near the $0.0132 level.
On the upside, an initial resistance is near the $0.0148 level and the 55 simple moving average (4-hours). The main resistances are near $0.0150 and $0.0152. Additionally, there is a major bearish trend line forming with resistance near $0.0152 on the 4-hours chart.
Therefore, the price must surpass $0.0150, the 55 SMA, and the bearish trend line to start a decent recovery. The next major resistance is near the $0.0165 level, above which the price could continue to rise towards $0.0180. An intermediate resistance is near the $0.0172 level.
The chart indicates that TRX price is clearly struggling to stay above the main $0.0142 support area. Thus, there is a risk of more downsides below the $0.0140 and $0.0135 levels in the near term. The main breakdown support is now near $0.0132.
4 hours MACD – The MACD for TRX/USD is gaining momentum in the bearish zone.
4 hours RSI – The RSI for TRX/USD is currently declining and it could soon test the 30 level.
Key Support Levels – $0.0142 and $0.0132.
Key Resistance Levels – $0.0150, $0.0152 and $0.0165.
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