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 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.
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.
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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