Tron price remained in a bearish zone below the %excerpt%.0180 pivot level against the US Dollar.TRX price traded as low as %excerpt%.0141 and it is currently correcting higher.There is a key bearish trend line forming with resistance near %excerpt%.0175 on the 4-hours chart (data feed via Bitfinex).The price could correct a few points, but it is likely to struggle near %excerpt%.0164 and %excerpt%.0175 in the near term.TRON price is trading in a major downtrend against the US Dollar, similar to bitcoin. TRX price is likely to face a strong selling interest near %excerpt%.0180 if it recovers higher.Tron Price AnalysisIn the past few days, there was a strong decline in TRON price below the %excerpt%.0200 pivot level against the US Dollar. TRX price broke many important supports near %excerpt%.0180 and the 55 simple moving average (4-hours) to
Topics:
Aayush Jindal considers the following as important: Altcoin News, News, Trading, TRON, trx
This could be interesting, too:
Bilal Hassan writes Morocco to Become First Developing Country with Clear Crypto Regulations
Bilal Hassan writes Cryptopia Liquidators Distribute 0 Million to Victims of 2019 Hack
Bilal Hassan writes Mo Shaikh Steps Down as CEO of Aptos Labs to Start New Chapter
Bilal Hassan writes FTX Announces January 2025 as Effective Date for Reorganization Plan
- Tron price remained in a bearish zone below the $0.0180 pivot level against the US Dollar.
- TRX price traded as low as $0.0141 and it is currently correcting higher.
- There is a key bearish trend line forming with resistance near $0.0175 on the 4-hours chart (data feed via Bitfinex).
- The price could correct a few points, but it is likely to struggle near $0.0164 and $0.0175 in the near term.
TRON price is trading in a major downtrend against the US Dollar, similar to bitcoin. TRX price is likely to face a strong selling interest near $0.0180 if it recovers higher.
Tron Price Analysis
In the past few days, there was a strong decline in TRON price below the $0.0200 pivot level against the US Dollar. TRX price broke many important supports near $0.0180 and the 55 simple moving average (4-hours) to enter a bearish zone.
Finally, the price traded below the $0.0150 support area and traded to a new monthly low at $0.0141. The price is currently correcting higher and trading above $0.0150.
It is testing the 23.6% Fibonacci retracement level of the recent decline from the $0.0185 high to $0.0141 low. On the upside, there are a few hurdles visible near the $0.0155 and $0.0160 levels.
The first major resistance is near the $0.0164 level (the recent breakdown zone). The 50% Fibonacci retracement level of the recent decline from the $0.0185 high to $0.0141 low is also near the $0.0162 level.
Moreover, there is a key bearish trend line forming with resistance near $0.0175 on the 4-hours chart. The trend line resistance at $0.1075 is also close to the 55 simple moving average (4-hours).
Therefore, tron price is likely to face a lot of hurdles on the upside near the $0.0175 level and the 55 simple moving average (4-hours). A successful close above the $0.0175 and $0.0180 levels is needed for a strong upward move in the near term.
Conversely, the price might struggle to recover above the $0.0164 and $0.0175 resistance levels. In the mentioned case, the price is likely to resume its decline below the $0.0150 level support.
The chart indicates that TRX price is clearly trading in a downtrend below the $0.0180 and $0.0175 resistance levels. As long as there is no recovery above $0.0180, there is a risk of a larger decline below $0.0150.
Technical Indicators
4 hours MACD – The MACD for TRX/USD is now losing momentum in the bearish zone.
4 hours RSI – The RSI for TRX/USD is recovering and it could move towards the 40 level.
Key Support Levels – $0.0150 and $0.0145.
Key Resistance Levels – $0.0164, $0.0175 and $0.0180.