EagleFX

Tron price failed to break the $0.0405 resistance area and declined heavily. TRX price broke the $0.0300 support and it is now approaching a couple of important supports near $0.0235 and $0.0220.

  • Tron price started a major downtrend after forming a double top near $0.0405.
  • There is a key connecting bullish trend line forming with support at $0.0235 on the daily chart.
  • TRX price is likely to find a strong buying interest near the $0.0220-$0.0235 support region.

Tron TRX Price

Tron Price Analysis (TRX to USD)

After two failed attempts near the $0.0405 level, tron price started a significant downward move. TRX price broke the $0.0350 and $0.0305 support levels to enter a bearish zone.

Tron Price Analysis (TRX to USD) Chart

Click to Enlarge Chart

Looking at the daily chart of TRX/USD, the pair even broke the $0.0290 swing low and settled below the 25-day simple moving average. It opened the doors for more losses below the $0.0280 level.

As a result, the price traded below the $0.0275 support plus the 1.236 Fib extension level of the upward move from the $0.0290 low to $0.0404 swing high. Finally, there was a break below the $0.0250 support level.

However, the price is now approaching a couple of important supports near the $0.0235 and $0.0220 levels. Moreover, there is a key connecting bullish trend line forming with support at $0.0235 on the same chart.


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The 1.618 Fib extension level of the upward move from the $0.0290 low to $0.0404 swing high is also near the $0.0219 level to act as a strong support area.

Therefore, if TRX price dips further, it is likely to find a strong buying interest near the $0.0220 level. If there is a downside break and close below $0.0220, the next stop for the bears could be near the $0.0175 level.

Conversely, if tron price stays above the $0.0220 support area, there are chances of a fresh recovery.  On the upside, an immediate resistance is near the $0.0280 level, followed by $0.0290. However, the main resistance is near the $0.0305 level (the previous support and breakdown level).

The market data is provided by TradingView, Binance.


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Posted by Dr. Latika Mehrotra

Ph.D in Data Mining, Blockchain enthusiast, and passionate about technology and science. Professor by profession and loves writing interesting articles about Cryptocurrencies, bitcoin, Ethereum, ripple, Forex and commodities.


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