TRON price is slowly showing a few bearish signs against the US Dollar, similar to bitcoin. TRX price must stay above the $0.0120 support zone for a fresh upward move.
Tron Price Analysis
Recently, TRON price made another attempt to gain strength above the $0.0135 resistance area against the US Dollar. However, TRX price failed to continue higher, formed a swing high at $0.01355, and started a fresh decline.
There was a break below the $0.0130 support level and the 55 simple moving average (4-hours). The price even broke the $0.0125 support and approached the main $0.0120 support zone.
A low is formed near $0.0122 and the price is currently correcting higher. It is testing the $0.0125 level. Besides, the 23.3% Fibonacci retracement level of the recent drop from the $0.0135 high to $0.0122 low is also near $0.0125.
If the price continues to recover above $0.0125, it could test the $0.0128 resistance level. It is close to the 50% Fibonacci retracement level of the recent drop from the $0.0135 high to $0.0122 low.
The main hurdle for the bulls is still near the $0.0135 level, above which the price might attempt a test of the $0.0140 pivot and resistance zone in the near term.
Conversely, the bears might push the price further below $0.0124. There is a key bullish trend line forming with support near $0.0122 on the 4-hours chart. The main support is still near the $0.0120 level.
If the price fails to stay above the $0.0120 support, it could dive sharply towards the $0.0110 level. The next major support is near the $0.0105 level, where the bulls are likely to emerge.
Tron Price
The chart indicates that TRX price is clearly approaching a major support zone near $0.0120. Therefore, it could either start a fresh increase to $0.0135 or dive towards the next support at $0.0105.
Technical Indicators
4 hours MACD – The MACD for TRX/USD is slowly losing momentum in the bearish zone.
4 hours RSI – The RSI for TRX/USD is currently correcting higher towards the 50 level.
Key Support Levels – $0.0122 and $0.0120.
Key Resistance Levels – $0.0128, $0.0130 and $0.0135.
