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Tron (TRX) Price Analysis: Struggling To Stay Above Key Support, More Losses?

Summary:
Tron price started a fresh decline from well above %excerpt%.0300 against the US Dollar.TRX price is now trading below the %excerpt%.0280 support and the 55 simple moving average (4-hours).There was a break below a major contracting triangle with support near %excerpt%.0280 on the 4-hours chart (data feed via Bitfinex).The pair could continue to move down if it fails to stay above the key %excerpt%.0265 support zone.TRON price started a fresh decline after it failed to stay above %excerpt%.0312 against the US Dollar, while bitcoin is well above K. TRX price must stay above %excerpt%.0265 to avoid more downsides.Tron Price AnalysisThis past week, TRON price made a couple of attempts to settle above %excerpt%.0300 against the US Dollar. TRX price failed to gain strength, formed a high near %excerpt%.0309, and started a fresh decline.There was

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  • Tron price started a fresh decline from well above $0.0300 against the US Dollar.
  • TRX price is now trading below the $0.0280 support and the 55 simple moving average (4-hours).
  • There was a break below a major contracting triangle with support near $0.0280 on the 4-hours chart (data feed via Bitfinex).
  • The pair could continue to move down if it fails to stay above the key $0.0265 support zone.

TRON price started a fresh decline after it failed to stay above $0.0312 against the US Dollar, while bitcoin is well above $27K. TRX price must stay above $0.0265 to avoid more downsides.

Tron Price Analysis

This past week, TRON price made a couple of attempts to settle above $0.0300 against the US Dollar. TRX price failed to gain strength, formed a high near $0.0309, and started a fresh decline.

There was a clear break below the $0.0295 and $0.0290 support levels. There was also a break below a major contracting triangle with support near $0.0280 on the 4-hours chart. The price is now trading below the $0.0280 support and the 55 simple moving average (4-hours).

It even broke the 50% Fib retracement level of the upward move from the $0.0237 swing low to $0.0309 high. On the downside, there is a strong support near the $0.0265 level.

The 61.8% Fib retracement level of the upward move from the $0.0237 swing low to $0.0309 high is also near the $0.0265 level. A clear break below the $0.0265 support may possibly open the doors for more losses. The next major support is near $0.0250, below which tron price may even revisit the $0.0237 low.

On the upside, the price is facing hurdles near the broken triangle zone at $0.0280 and the 55 simple moving average (4-hours). A clear break above the $0.0280 resistance level and the 55 simple moving average (4-hours is needed for a fresh move towards $0.0300. To continue higher, the price must settle above $0.0300.

Tron (TRX) Price

Tron (TRX) Price

The chart indicates that TRX price clearly trading near a crucial support at $0.0265. Overall, the price could continue to move down if it fails to stay above the key $0.0265 support zone in the near term.

Technical Indicators

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

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

Key Support Levels – $0.0265 and $0.0250.

Key Resistance Levels – $0.0280, $0.0300 and $0.0320.

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