Tron Price Analysis

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After a major increase, tron price faced sellers near the $0.1055 level against the US Dollar. TRX price started a downside correction below the $0.1000 level and the 55 simple moving average (4-hours).

There was also a break below a major ascending channel with support near $0.0990 on the 4-hours chart. There was a break below the 50% Fib retracement level of the upward move from the $0.0825 swing low to $0.1055 swing high.

However, the bulls were active near the $0.0880 level. The price also found support near the 61.8% Fib retracement level of the upward move from the $0.0825 swing low to $0.1055 swing high.

It is now facing resistance near the $0.0980 level and the 55 simple moving average (4-hours). The first major resistance is near the $0.1000 level. A close above $0.1000 and $0.1020 is must for a fresh increase. In the stated case, the price could rise towards the $0.1100 resistance in the near term.

On the downside, an initial support is near the $0.0950 level. The first major support is now forming near $0.0920. Any more losses might call for a sharp decline towards the $0.0800 level. The next major support is near the $0.0750 level in the near term.source