TRON price is struggling to gain bullish momentum above $0.0320 against the US Dollar, similar to bitcoin. TRX price could soon retest the main $0.0265 support zone.
Tron Price Analysis
Recently, there was another attempt by TRON price to clear the $0.0325 and $0.0330 resistance levels against the US Dollar. However, TRX price failed to clear the $0.0330 level, formed a high near $0.0327, and recently started a fresh decline.
There was a break below the $0.0310 support level. The bears were able to push the price below the 50% Fib retracement level of the upward move from the $0.0262 swing low to $0.0327 high.
There was also a break below a connecting bullish trend line with support near $0.0302 on the 4-hours chart. The price is now trading well below $0.0300 and the 55 simple moving average (4-hours). It is testing the 61.8% Fib retracement level of the upward move from the $0.0262 swing low to $0.0327 high.
If there is a downside break below the $0.0285 support zone, the price could continue to move down. The next major support is near the $0.0270 level. The main support is still near $0.0265, below which the price could decline heavily in the near term.
On the upside, an initial resistance is near the $0.0300 level and the 55 simple moving average (4-hours). The next key resistance is near the $0.0312 level. The main hurdle on the upside for the bulls is still near the $0.0325 and $0.0330 resistance levels.
To start a fresh increase, the price must clear the $0.0325 and $0.0330 resistance levels. The next major barrier for the bulls could be $0.0365.
Tron (TRX) Price
The chart indicates that TRX price is clearly struggling to stay above $0.0285. Overall, the price could revisit the $0.0280 support or even $0.0265 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 – $0.0285 and $0.0265.
Key Resistance Levels – $0.0300, $0.0312 and $0.0330.
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