Tron price is facing a lot of hurdles near the $0.0340 and $0.0350 resistance levels. TRX is currently declining towards the key $0.0292 support, which holds the key in the near term.
- Tron price failed to climb above the $0.0360 level and recently declined below $0.0340.
- There is a major bearish trend line forming with resistance at $0.0340 on the 4-hours chart.
- TRX price is approaching a crucial support near $0.0292, below which it could decline heavily.
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Tron Price Analysis (TRX to USD)
Recently, there was an increase in selling pressure on bitcoin, sparking bearish moves in the crypto market. Tron price struggled to remain above the $0.0340 support and it is currently declining towards a few important supports.
Click to Enlarge Chart
Looking at the 4-hours chart of TRX/USD, the pair made an attempt to surpass the $0.0360 level, but it failed. There was no positive close above the $0.0350 level and the 25 simple moving average (4-hours).
As a result, the price started a fresh decline below the $0.0340 level and the 50% Fib retracement level of the last wave from the $0.0292 swing low to $0.0359 high.
It is now trading below the $0.0320 support, with a bearish angle. An immediate support is near the $0.0308 level and the 76.4% Fib retracement level of the last wave from the $0.0292 swing low to $0.0359 high.
The main support is near the $0.0292 level, below which tron price might start a major decline below the $0.0285 support. It could even test the $0.0275 level or the 1.236 Fib extension retracement level of the last wave from the $0.0292 swing low to $0.0359 high.
On the upside, there are many hurdles near the $0.0340 and $0.0350 levels. There is also a major bearish trend line forming with resistance at $0.0340 on the same chart.
Therefore, a successful close above $0.0340 plus the 25 simple moving average (4-hours) is needed for a fresh increase in TRX/USD. The next important resistances are near $0.0355 and $0.0360, followed by $0.0382.
The market data is provided by TradingView, Binance.