Summary of Tron (TRX) Price Analysis
- Tron price recently started a decline and is trading below $0.0680 and the 55 simple moving average (4-hours).
- There is a key bearish trend line forming with resistance near $0.0678 on the 4-hours chart.
- If there is a downside break below the $0.0635 support, the price might revisit the $0.0600 support.
Tron Price Overview
Tron price has been in decline against the US Dollar from well above the $0.0700 level recently. There was a clear move below the $0.0680 level and it seems like TRX could continue to move down if it breaks the $0.0660 support zone in the near term. There is also a key bearish trend line forming with resistance near $0.0678 on the 4-hours chart which could prevent further gains for tron in short term..
Support and Resistance Levels
On upside, tron is facing resistance near at $0.0680 level which is near 23% Fib retracement level of downward move from swing high of 0702 to low of 0657. The first major resistance is near at 0668 level while other major resistance lies at 070 and 0716 levels respectively as per 4 hours chart data feed via Kraken pairs respectively . On downside , an initial support can be seen at 0660 while other major supports lie at 0635, 0600 & 0550 levels respectively as per 4 hours chart data feed via Kraken pairs respectively .
Indicators Overview
The MACD for TRX/USD is slowly gaining momentum in bearish zone while RSI for TRX/USD lies below 50 mark which indicates no uptrend or downtrend movement as of now .
