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Tron (TRX) Price Analysis: Risk of More Losses Below $0.098

  • Tron price started a major decline from well above $0.1100 against the US Dollar.
  • TRX price is now trading below $0.1050 and the 55 simple moving average (4-hours).
  • There is a major bearish trend line forming with resistance near $0.1040 on the 4-hours chart (data feed via Bitfinex).
  • The pair could extend losses if it settles below the $0.1000 level in the near term.

TRON price started a major drop below $0.1050 against the US Dollar, similar to bitcoin. TRX price is declining and there is a risk of more losses below $0.0980.

Tron Price Analysis

After a steady recovery increase, tron price faced sellers near the $0.1100 level against the US Dollar. TRX price traded as high as $0.1097 and started a fresh decline.

There was a clear break below the $0.1050 support and the 55 simple moving average (4-hours). The price even traded below the 61.8% Fib retracement level of the upward move from the $0.0980 swing low to $0.1097 high.

The price is now trading below $0.1020 and the 55 simple moving average (4-hours). It is also trading near the 76.4% Fib retracement level of the upward move from the $0.0980 swing low to $0.1097 high. On the downside, an initial support is near the $0.1000 level.

The first major support is now forming near $0.0980. The next major is near the $0.0950 level. Any more losses might call for a sharp decline towards the $0.0900 level.

An immediate resistance on the upside is near the $0.1035 level. The first major resistance is near the $0.1050 level. There is also a major bearish trend line forming with resistance near $0.1040 on the 4-hours chart. The main resistance sits near $0.1070 and the 55 simple moving average (4-hours).

A close above $0.1050 and $0.1070 is must for a fresh increase. In the stated case, the price could rise towards the $0.1120 resistance in the near term. Any more gains could set the pace for a larger increase towards the $0.1200 level.

Tron (TRX) Price

Tron (TRX) Price

The chart indicates that TRX price is now trading below $0.1050 and the 55 simple moving average (4-hours). Overall, the price could extend losses if it settles below the $0.1000 level 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 – $0.1000 and $0.0980.

Key Resistance Levels – $0.1035, $0.1050 and $0.1070.

Tags: TRON, trx

Source: livebitcoinnews.com
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