Tron (TRX) Price Analysis: Trend Overwhelmingly Negative Below $0.0215

Tron (TRX) Price Analysis: Trend Overwhelmingly Negative Below <img width=.0215" data-lazy-srcset="https://i2.wp.com/sudan4tech.com/wp-content/uploads/2019/08/TRON-TRX.png?w=1828&ssl=1 1828w, https://i2.wp.com/sudan4tech.com/wp-content/uploads/2019/08/TRON-TRX.png?resize=300%2C142&ssl=1 300w, https://i2.wp.com/sudan4tech.com/wp-content/uploads/2019/08/TRON-TRX.png?resize=768%2C365&ssl=1 768w, https://i2.wp.com/sudan4tech.com/wp-content/uploads/2019/08/TRON-TRX.png?resize=1024%2C486&ssl=1 1024w, https://i2.wp.com/sudan4tech.com/wp-content/uploads/2019/08/TRON-TRX.png?resize=720%2C342&ssl=1 720w, https://i2.wp.com/sudan4tech.com/wp-content/uploads/2019/08/TRON-TRX.png?resize=560%2C266&ssl=1 560w" data-lazy-sizes="(max-width: 1828px) 100vw, 1828px" data-lazy-src="https://i2.wp.com/sudan4tech.com/wp-content/uploads/2019/08/TRON-TRX.png?fit=1828%2C868&ssl=1&is-pending-load=1" srcset="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" />.0215"1828" height="868" src="https://i2.wp.com/sudan4tech.com/wp-content/uploads/2019/08/TRON-TRX.png?fit=1828%2C868&ssl=1" class="attachment-full size-full wp-post-image jetpack-lazy-image" alt="" data-lazy-srcset="https://i2.wp.com/sudan4tech.com/wp-content/uploads/2019/08/TRON-TRX.png?w=1828&ssl=1 1828w, https://i2.wp.com/sudan4tech.com/wp-content/uploads/2019/08/TRON-TRX.png?resize=300%2C142&ssl=1 300w, https://i2.wp.com/sudan4tech.com/wp-content/uploads/2019/08/TRON-TRX.png?resize=768%2C365&ssl=1 768w, https://i2.wp.com/sudan4tech.com/wp-content/uploads/2019/08/TRON-TRX.png?resize=1024%2C486&ssl=1 1024w, https://i2.wp.com/sudan4tech.com/wp-content/uploads/2019/08/TRON-TRX.png?resize=720%2C342&ssl=1 720w, https://i2.wp.com/sudan4tech.com/wp-content/uploads/2019/08/TRON-TRX.png?resize=560%2C266&ssl=1 560w" data-lazy-sizes="(max-width: 1828px) 100vw, 1828px" data-lazy-src="https://i2.wp.com/sudan4tech.com/wp-content/uploads/2019/08/TRON-TRX.png?fit=1828%2C868&ssl=1&is-pending-load=1" srcset="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" />.0215" data-lazy-srcset="https://i2.wp.com/sudan4tech.com/wp-content/uploads/2019/08/TRON-TRX.png?w=1828&ssl=1 1828w, https://i2.wp.com/sudan4tech.com/wp-content/uploads/2019/08/TRON-TRX.png?resize=300%2C142&ssl=1 300w, https://i2.wp.com/sudan4tech.com/wp-content/uploads/2019/08/TRON-TRX.png?resize=768%2C365&ssl=1 768w, https://i2.wp.com/sudan4tech.com/wp-content/uploads/2019/08/TRON-TRX.png?resize=1024%2C486&ssl=1 1024w, https://i2.wp.com/sudan4tech.com/wp-content/uploads/2019/08/TRON-TRX.png?resize=720%2C342&ssl=1 720w, https://i2.wp.com/sudan4tech.com/wp-content/uploads/2019/08/TRON-TRX.png?resize=560%2C266&ssl=1 560w" data-lazy-sizes="(max-width: 1828px) 100vw, 1828px" data-lazy-src="https://i2.wp.com/sudan4tech.com/wp-content/uploads/2019/08/TRON-TRX.png?fit=1828%2C868&ssl=1&is-pending-load=1" srcset="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" />


  • Tron price failed to climb above the $0.0235 resistance and declined recently against the US Dollar.
  • TRX price is currently trading in a strong downtrend below the $0.0215 resistance.
  • There is a major bearish trend line forming with resistance near $0.0210 on the 4-hours chart (data feed via Bitfinex).
  • The price is likely to decline further towards the $0.0190 and $0.0175 support levels in the near term.

TRON price is trading with a bearish bias against the US Dollar and bitcoin. TRX price could continue to weaken unless it recovers above $0.0215 and $0.0220.

Tron Price Analysis

This past week, TRON price made another attempt to climb above the $0.0235 resistance against the US Dollar. However, the TRX/USD pair failed to continue higher and started a fresh decline below $0.0230. There was a break below the $0.0220 support and the 55 simple moving average (4-hours). Moreover, the price settled below the $0.0215 pivot level and broke the $0.0200 support.

A new monthly low was formed near $0.0193 and the price recently corrected higher. It traded above the 23.6% Fibonacci retracement level of the last slide from the $0.0234 high to $0.0193 low. Additionally, the price recovered above $0.0200, but it struggled to clear the $0.0210 level. More importantly, there is a major bearish trend line forming with resistance near $0.0210 on the 4-hours chart.

Above the trend line, the main resistance is near the $0.0215 level. The 50% Fibonacci retracement level of the last slide from the $0.0234 high to $0.0193 low is also near the $0.0214 level to act as a strong resistance. Finally, the 55 SMA is near the $0.0214 level. Therefore, the bulls are likely to face a strong resistance near $0.0210, $0.0214 and $0.0215.

On the downside, an immediate support is near the $0.0200 level. If there is a downside break below $0.0200, the price could continue to decline and it might even trade below the $0.0193 low. The next key support is at $0.0190, below which the price could decline towards $0.0175.

Tron (TRX) Price Analysis: Trend Overwhelmingly Negative Below <img class=.0215"alignnone size-large wp-image-55376 jetpack-lazy-image" src="https://i1.wp.com/www.livebitcoinnews.com/https://s3.amazonaws.com/lbn-s3/2019/08/TRON-TRX-1100x522.png?resize=1100%2C522&ssl=1" alt="Tron Price Analysis TRX Chart" width="1100" height="522" data-recalc-dims="1" data-lazy-src="https://i1.wp.com/www.livebitcoinnews.com/https://s3.amazonaws.com/lbn-s3/2019/08/TRON-TRX-1100x522.png?resize=1100%2C522&is-pending-load=1#038;ssl=1" srcset="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7">.0215" width="1100" height="522" data-recalc-dims="1" data-lazy-src="https://i1.wp.com/www.livebitcoinnews.com/https://s3.amazonaws.com/lbn-s3/2019/08/TRON-TRX-1100x522.png?resize=1100%2C522&is-pending-load=1#038;ssl=1" srcset="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7">

The chart indicates that TRX price is under a lot of selling pressure below $0.0215 and $0.0220. As long as the price is trading below the $0.0215 pivot level, there is a risk of more downsides. A daily close below the $0.0200 level is likely to spark another strong decline. In the mentioned case, the bears are likely to aim the $0.0175 support area.

Technical Indicators

4 hours MACD – The MACD for TRX/USD is gaining pace in the bearish zone.

4 hours RSI – The RSI for TRX/USD is currently moving lower and is well below the 50 level.

Key Support Levels – $0.0200 and $0.0190.

Key Resistance Levels – $0.0210, $0.0215 and $0.0220.

The post Tron (TRX) Price Analysis: Trend Overwhelmingly Negative Below $0.0215 appeared first on Live Bitcoin News.



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