Tron (TRX) Price Analysis: Risk of Downside Break Below $0.030

TRON price is showing bearish signs below $0.0320 and $0.0325 against the US Dollar, similar to bitcoin. TRX price could start a fresh increase as long as there is no daily close below $0.0285.

Tron Price Analysis

In the past few days, there was a slow increase in TRON price above the $0.0285 and $0.0292 resistance levels against the US Dollar. TRX price even broke the $0.0300 level and the 55 simple moving average (4-hours).

However, the price struggled to clear the $0.0325 resistance level. A high was formed near $0.0324 and the price started a fresh decline. It now trading well below $0.0312, but it is near the 55 simple moving average (4-hours).

There was a break below the 50% Fib retracement level of the upward move from the $0.0291 swing low to $0.0324 high. An initial support is near the $0.0300 level and the 55 simple moving average (4-hours).

It is close to the 76.4% Fib retracement level of the upward move from the $0.0291 swing low to $0.0324 high. Moreover, there is a major bullish trend line forming with support near $0.0291 on the 4-hours chart. If there is a downside break below the trend line support, the price could slide towards $0.0285.

Any more losses might lead the price towards the main $0.0265 support zone. To start a fresh increase, the price must clear the $0.0310 and $0.0325 resistance levels. The next major hurdle for the bulls could be $0.0365, where the bears might appear.

Tron (TRX) Price

The chart indicates that TRX price is clearly struggling to gain above $0.0325, but it is above $0.0285. Overall, the price could decline heavily if there is a clear close below $0.0290 and $0.0285 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 – $0.0312, $0.0325 and $0.0350.

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