• Tron (TRX) price started a fresh downside correction from the $0.0855 zone against the US Dollar.
• There is a key bullish trend line forming with support near $0.0777 on the 4-hour chart (data feed via Kraken).
• TRX price could accelerate lower if there is a move below $0.0768 and the first major resistance is near the $0.082 level.
Tron (TRX) Price Analysis
Tron price started a fresh downside correction from the $0.0855 zone against the US Dollar recently, struggling to gain momentum for more gains and forming a top near this level. The price then started to decline below the $0.0820 level, followed by breaking below 50% Fib retracement level of the upward move from the $0.0741 swing low to the $0.0856 high.
Key Uptrend Support Intact
Currently, TRX price is trading above $0.0770 and 55 simple moving average (4 hours), with a key bullish trend line forming with support near $0.0777 on 4-hour chart (data feed via Kraken). On upside, there’s resistance near at around $ 0.080 level, while first major resistance at around$ 0 .082 Level should be watched out for further upswing in prices of Tron coin TRX/USD pair..
Downside Risk Is Still Alive
On downside risk, immediate support at around$ 0 .0768 Level should be watched carefully as it may cause more downward pressure if broken on charts for this cryptocurrency pair which can lead prices towards next major support placed at$ 0 .0720 Level in short term..
The MACD for TRX/USD is slowly losing momentum in bearish zone whereas RSI remains above 50 levels indicating neutral bias in short term for Tron Coin prices..
Overall, TRX prices could continue to move down if it breaks through immediate support of$ 0 .0768level and any more losses might call for a move towards next major support placed at$ 0 .0070 Zone in short term trading session ahead..