TRON price is moving further into the bearish zone against the US Dollar and bitcoin. TRX price could continue to slide unless it recovers above the $0.0140 resistance.
Tron Price Analysis
After multiple rejections near the $0.0150 resistance levels, TRON price started a fresh decline against the US Dollar. As a result, TRX price broke a few important supports near the $0.0142 and $0.0140 levels.
Moreover, there was a close below the $0.0140 support and the 55 simple moving average (4-hours). It opened the doors for more losses below the $0.0135 support. The recent monthly low is near $0.0131 and the price is currently consolidating.
An immediate resistance is near the $0.0135 level. Besides, the 23.6% Fibonacci retracement level of the recent decline from the $0.0148 high to $0.0131 low is also near the $0.0135 level.
However, the main resistance on the upside is near the $0.0140 level. Additionally, there is a crucial bearish trend line forming with resistance near $0.0140 on the 4-hours chart.
More importantly, the 50% Fibonacci retracement level of the recent decline from the $0.0148 high to $0.0131 low is near the $0.0140 level. Therefore, tron price must surpass the $0.0140 resistance level to start a decent upward move in the near term.
The next resistance is near the $0.0142 level and the 55 simple moving average (4-hours). A successful close above $0.0140 and $0.0142 is likely to set the stage for a recovery towards $0.0150 and $0.0152.
Conversely, the price could fail to correct above the $0.0140 and $0.0142 resistance levels. In the mentioned case, the price is likely to continue lower below $0.0132. If it breaks the $0.0130 support, there could be a nasty decline towards the $0.0125 level.
The chart indicates that TRX price is showing a lot of bearish signs below the $0.0140 and $0.0142 resistance levels. Therefore, there is a risk of another sharp decline below $0.0132 and $0.0130 in the coming sessions.
4 hours MACD – The MACD for TRX/USD is gaining momentum in the bearish zone.
4 hours RSI – The RSI for TRX/USD is currently declining and it is now well below the 30 level.
Key Support Levels – $0.0132 and $0.0130.
Key Resistance Levels – $0.0135, $0.0140 and $0.0142.
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