Tron (TRX) Price Analysis: Trend Remains Bearish Below $0.020

Tron (TRX) Price Analysis: Trend Remains Bearish Below <img width=.020" data-lazy-srcset="https://i1.wp.com/sudan4tech.com/wp-content/uploads/2019/08/TRON-TRX-2.png?w=1828&ssl=1 1828w, https://i1.wp.com/sudan4tech.com/wp-content/uploads/2019/08/TRON-TRX-2.png?resize=300%2C142&ssl=1 300w, https://i1.wp.com/sudan4tech.com/wp-content/uploads/2019/08/TRON-TRX-2.png?resize=768%2C365&ssl=1 768w, https://i1.wp.com/sudan4tech.com/wp-content/uploads/2019/08/TRON-TRX-2.png?resize=1024%2C486&ssl=1 1024w, https://i1.wp.com/sudan4tech.com/wp-content/uploads/2019/08/TRON-TRX-2.png?resize=720%2C342&ssl=1 720w, https://i1.wp.com/sudan4tech.com/wp-content/uploads/2019/08/TRON-TRX-2.png?resize=560%2C266&ssl=1 560w" data-lazy-sizes="(max-width: 1828px) 100vw, 1828px" data-lazy-src="https://i1.wp.com/sudan4tech.com/wp-content/uploads/2019/08/TRON-TRX-2.png?fit=1828%2C868&ssl=1&is-pending-load=1" srcset="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" />.020"1828" height="868" src="https://i1.wp.com/sudan4tech.com/wp-content/uploads/2019/08/TRON-TRX-2.png?fit=1828%2C868&ssl=1" class="attachment-full size-full wp-post-image jetpack-lazy-image" alt="" data-lazy-srcset="https://i1.wp.com/sudan4tech.com/wp-content/uploads/2019/08/TRON-TRX-2.png?w=1828&ssl=1 1828w, https://i1.wp.com/sudan4tech.com/wp-content/uploads/2019/08/TRON-TRX-2.png?resize=300%2C142&ssl=1 300w, https://i1.wp.com/sudan4tech.com/wp-content/uploads/2019/08/TRON-TRX-2.png?resize=768%2C365&ssl=1 768w, https://i1.wp.com/sudan4tech.com/wp-content/uploads/2019/08/TRON-TRX-2.png?resize=1024%2C486&ssl=1 1024w, https://i1.wp.com/sudan4tech.com/wp-content/uploads/2019/08/TRON-TRX-2.png?resize=720%2C342&ssl=1 720w, https://i1.wp.com/sudan4tech.com/wp-content/uploads/2019/08/TRON-TRX-2.png?resize=560%2C266&ssl=1 560w" data-lazy-sizes="(max-width: 1828px) 100vw, 1828px" data-lazy-src="https://i1.wp.com/sudan4tech.com/wp-content/uploads/2019/08/TRON-TRX-2.png?fit=1828%2C868&ssl=1&is-pending-load=1" srcset="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" />.020" data-lazy-srcset="https://i1.wp.com/sudan4tech.com/wp-content/uploads/2019/08/TRON-TRX-2.png?w=1828&ssl=1 1828w, https://i1.wp.com/sudan4tech.com/wp-content/uploads/2019/08/TRON-TRX-2.png?resize=300%2C142&ssl=1 300w, https://i1.wp.com/sudan4tech.com/wp-content/uploads/2019/08/TRON-TRX-2.png?resize=768%2C365&ssl=1 768w, https://i1.wp.com/sudan4tech.com/wp-content/uploads/2019/08/TRON-TRX-2.png?resize=1024%2C486&ssl=1 1024w, https://i1.wp.com/sudan4tech.com/wp-content/uploads/2019/08/TRON-TRX-2.png?resize=720%2C342&ssl=1 720w, https://i1.wp.com/sudan4tech.com/wp-content/uploads/2019/08/TRON-TRX-2.png?resize=560%2C266&ssl=1 560w" data-lazy-sizes="(max-width: 1828px) 100vw, 1828px" data-lazy-src="https://i1.wp.com/sudan4tech.com/wp-content/uploads/2019/08/TRON-TRX-2.png?fit=1828%2C868&ssl=1&is-pending-load=1" srcset="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" />


  • Tron price declined heavily after it settled below the $0.0200 support against the US Dollar.
  • TRX price is currently correcting higher after trading to a new monthly low at $0.0159.
  • There is a significant bearish trend line forming with resistance near $0.0184 on the 4-hours chart (data feed via Bitfinex).
  • The price is likely to remain in a downtrend until it settles above the $0.0184 and $0.0200 resistances.

TRON price is trading in a major downtrend against the US Dollar and bitcoin. TRX price could only start a strong recovery once it breaks $0.0184 and gains strength above $0.0200.

Tron Price Analysis

This past week, TRON price accelerated its decline below the $0.0200 support against the US Dollar. The TRX/USD pair even broke the $0.0185 support level and settled below the 55 simple moving average (4-hours). It opened the doors for more downsides and the price tested the $0.0160 support level. A new monthly low was formed near $0.0159 and the price recently started an upside correction.

There was a break above the $0.0170 resistance plus the 23.6% Fibonacci retracement level of the last major decline from the $0.0212 high to $0.0159 low. Additionally, the price managed to pop above the $0.0180 level. However, the upward move was capped by the $0.0184 and $0.0185 resistance levels (the previous supports). The 50% Fibonacci retracement level of the last major decline from the $0.0212 high to $0.0159 low is also near $0.0185.

Moreover, there is a significant bearish trend line forming with resistance near $0.0184 on the 4-hours chart. Therefore, tron price is likely to face a strong selling interest near the $0.0184 and $0.0185 levels. The 55 simple moving average (4-hours) is also near the $0.0185 level to act as a hurdle. If there is a break above $0.0185, the price could recover towards the $0.0194 resistance.

The main resistance is near the $0.0200 level, above which the price could gain bullish momentum. Conversely, if the price fails to climb above $0.0185, there could be another bearish wave. An immediate support is near the $0.0172. The next key support is at $0.0165, below which the price might aim $0.0160.

Tron (TRX) Price Analysis: Trend Remains Bearish Below <img class=.020"alignnone size-large wp-image-55463 jetpack-lazy-image" src="https://i2.wp.com/www.livebitcoinnews.com/https://s3.amazonaws.com/lbn-s3/2019/08/TRON-TRX-2-1100x522.png?resize=1100%2C522&ssl=1" alt="Tron Price Analysis TRX Chart" width="1100" height="522" data-recalc-dims="1" data-lazy-src="https://i2.wp.com/www.livebitcoinnews.com/https://s3.amazonaws.com/lbn-s3/2019/08/TRON-TRX-2-1100x522.png?resize=1100%2C522&is-pending-load=1#038;ssl=1" srcset="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7">.020" width="1100" height="522" data-recalc-dims="1" data-lazy-src="https://i2.wp.com/www.livebitcoinnews.com/https://s3.amazonaws.com/lbn-s3/2019/08/TRON-TRX-2-1100x522.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 still trading in a major downtrend below $0.0185 and $0.0200. A successful close above $0.0185 might increase the chances of more upsides. However, a clear break above $0.0200 is needed to decrease the current bearish pressure.

Technical Indicators

4 hours MACD – The MACD for TRX/USD is losing momentum in the bullish zone.

4 hours RSI – The RSI for TRX/USD is about to break the 50 level.

Key Support Levels – $0.0185 and $0.0200.

Key Resistance Levels – $0.0172, $0.0165 and $0.0160.

The post Tron (TRX) Price Analysis: Trend Remains Bearish Below $0.020 appeared first on Live Bitcoin News.



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