Tron (TRX) Price Analysis: Bears In Action Below $0.07

20 Jan 2022, 18:16 · Views 1,116

Tron price started a fresh decline from the $0.0725 resistance against the US Dollar.
TRX price is now trading below $0.0700 and near the 55 simple moving average (4-hours).
There was a break below a key bullish trend line with support near $0.0700 on the 4-hours chart (data feed via Bitfinex).
The pair could continue to move down if it stays below the $0.0700 pivot level.

TRON price started a fresh decline below $0.0725 against the US Dollar, similar to bitcoin. TRX price remains at a risk of more downsides towards $0.0620.

Tron Price Analysis

After facing resistance, tron price started a fresh decline below the $0.0725 level against the US Dollar. TRX price broke the $0.0700 support level to enter a bearish zone.

It even traded below the $0.0690 level and tested the 55 simple moving average (4-hours). The price moved below the 23.6% Fib retracement level of the upward move from the $0.0611 swing low to $0.0725 high. Besides, there was a break below a key bullish trend line with support near $0.0700 on the 4-hours chart.

It is now trading near the $0.0675 and the 55 simple moving average (4-hours). On the downside, an initial support is near the $0.0665 level.

The 50% Fib retracement level of the upward move from the $0.0611 swing low to $0.0725 high is also near the $0.0665 level. The next major support is now forming near $0.0650, below which there is a risk of a larger decline. The next key is near the $0.0600 level.

Any more losses might call for a move towards the $0.0550 level. An immediate resistance on the upside is near the $0.0690 level. The next major resistance is near the $0.0700 level.

A close above $0.0700 is must for a fresh increase. In the stated case, the price could rise towards the $0.0725 resistance in the near term. Any more gains could set the pace for a larger increase towards the $0.0800 level.

Tron (TRX) Price

The chart indicates that TRX price is now trading below $0.0700 and near the 55 simple moving average (4-hours). Overall, the price could continue to move down if it stays below the $0.0700 pivot level.

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 below the 50 level.

Key Support Levels – $0.0650 and $0.0620.

Key Resistance Levels – $0.0690, $0.0700 and $0.0725.

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