- The bulls are targeting a fresh upward action above $0.018
- TRX extended its decline below $0.0180
- TRX is approaching an important hurdle at $0.0175
Tron News Today – the price of Tron managed to extend its decline below $0.0175 which is a key support area against the USD. The price of TRX also tested $0.0168 which is also support after this it started to consolidate losses. Tron had a major bearish pattern forming with a resistance point near $0.0174 via the 4-hour chart for TRX/USD. The trading pair could also start a strong upward price action if it breaks $0.0174 and $0.0180 both of which are resistance areas. The price of Tron is currently holding the major support area of $0.0168. The price of TRX must gain some level of strength above the $0.0175 area to avoid additional losses.
TRX Extended its Decline Below $0.0180
Last week, the TRX price extended its drop below $0.0180 which is a support. It even broke the support at $0.0175 before settling below the 55-day SMA on the 4-hour chart. Finally, there was a break below $0.0170. However, the price found bids at $0.0168. A low is formed at $0.0167 and TRX price is now consolidating its losses. It corrected above $0.0170. It also posted a break above the 23.6% Fib retracement of the recent drop from $0.0184 to $0.0167.
However, the price of TRX is facing strong resistance near $0.0175 and the 55-day simple moving average on the 4-hour chart. There is a major bearish pattern forming with resistance at $0.0174 on the 4-hour time frame. The 50% Fib retracement of the recent drop from $0.0184 high to $0.0167 is also close to the $0.0176 area.
TRX is Approaching Some Important Hurdles at $0.0175
Tron’s main resistance is near $0.0180. The bulls will likely take control here. The price will probably accelerate higher to $0.0188 and $0.0192. Conversely, the TRX price might not successfully clear $0.0175 or $0.0176 which is a bearish case. The price could extend the decline below $0.0170 which is a support. An adequate daily close below $0.0168 should open doors for a push to $0.0162 and $0.0158. The 4-hour chart shows that the price of TRX is approaching several important hurdles close to $0.0175.
It will appear the TRX price could initiate a strong upward move after breaking $0.0174 and $0.0180 both of which are resistances. According to the technical indicators, the MACD pattern for TRX/USD is gaining momentum at a slow pace in the bullish zone via the 4-hour chart. RSI for TRX/USD is correcting higher as it approaches the 50 levels.
Tron has key support points at $0.0170 and $0.0168. The digital asset has a few resistances at $0.0175, $0.0176, and $0.0180.