Tron price analysis reveals that Tron (TRX) price has been on a decline from 0.0220 dollars that was a support for the cryptocurrency finally caught up.
The downtrend occurred after Trong price failed to rise above $0.0235 dollars. Formidable resistance had it enclosed in the cubicle before it broke away from the consolidation trend and fell prey to the sloping pattern.
On the four-hour chart, the simple moving average (SMA) marked 55 at the time the TRX/USD pair broke away from its $0.0220 could also not be sustained and Tron, currently, is in the red zone.
By the red zone, we mean, below another support, labeled: $0.0200. Before this mark, it had already drowned below the $0.215 stand.
Tron didn’t just stop there. An all-time low (ATL) has been registered at for the month at 0.0193 dollars. The rebound was the next step that had the price back up again.
This gave Tron price a new resistance mark at $0.0210. It had been trading above the twenty-three percent (23.6%) Fibonacci level and landed at a nicer mark above 0.0200 dollars.
The four -hour chart does not take it kindly to the $0.0210 resistance mark and a bearish line forms in that territory.
Tron price chart by Trading View
Tron price analysis – Resistance/support
Let’s look at the resistance: the nearest resistance that TRX will be facing after the $0.0210 mark is at $0.0215.
The fifty (50) percent Fibonacci level lies in the range from $0.0190 at the lower end to $0.0234 at the higher end accompanied by the fifty-five (55) SMA pointing to the $0.214 as a more prominent resistance mark than the $0.0215 mark.
If things continue to be bearish then we can see TRX price being held at the $0.200 support level. Further down, we have the monthly low of $0.0190 for its consolation, but if not one tries to budge in and stop the fall, then TRX price might as well find itself near the last support mark at $0.0175.
As of now, the chart indicates that the sell signal is a go. Buyers need not make a move currently for things can get hectic.