Tron (TRX) Price Analysis: Bears In Control Below $0.060
TRON price is slowly moving lower below $0.0600 against the US Dollar, similar to bitcoin. TRX price remains at a risk of a larger decline below $0.0560 in the near term.
Tron Price Analysis
After struggling to clear the $0.0680 resistance zone, tron price started a fresh decline against the US Dollar. TRX price broke many important supports near $0.0650 and $0.0640 to move into a bearish zone.
There was also a close below the $0.0620 support level and the 55 simple moving average (4-hours). The price is now trading below the 50% Fib retracement level of the key upward move from the $0.0472 swing low to $0.0700 barrier.
An immediate support on the downside is near the $0.0560 level. It is near the 61.8% Fib retracement level of the key upward move from the $0.0472 swing low to $0.0700 barrier.
A downside break below the $0.0560 support zone could set the pace for a larger decline. The next major support is near the $0.0525 level. Any more losses might call for a drop towards the $0.0500 zone. On the upside, the price is facing resistance near $0.0600.
There is also a key bearish trend line forming with resistance near $0.0640 on the 4-hours chart. A clear upside break above $0.0620 and $0.0650 could open the doors for a sharp increase. The next major resistance is near $0.0700, above which the price could revisit $0.0800.
Tron (TRX) Price
The chart indicates that TRX price is now trading well below the $0.0620 resistance and the 55 simple moving average (4-hours). Overall, the price is likely to continue lower below $0.0560 unless the bulls gain strength above $0.0650 in the near term.
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 well below the 50 level, with a bearish angle.
Key Support Levels – $0.0560 and $0.0525.
Key Resistance Levels – $0.0620, $0.0640 and $0.0650.
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