#TRON has experienced a recent downturn against the US Dollar, following in the footsteps of Bitcoin. The price of TRX may continue to decline further if it falls below the $0.0768 mark.
During the previous week, TRON saw a gradual rise above the $0.0750 resistance level against the US Dollar. However, TRX faced difficulties in maintaining momentum for additional gains and reached a peak around $0.0858.
Following a decline below the $0.0820 level, the price underwent a fresh downturn. It also slipped below the 50% Fibonacci retracement level of the upward movement, which extended from the $0.0740 swing low to the $0.0858 high.
Nevertheless, the bulls stepped in near the $0.0770 level. Furthermore, a significant bullish trend line is taking shape, providing support around $0.0777 on the 4-hour chart. Presently, the price is trading above $0.0780 and the 21-hourly simple moving average.
#TRX is encountering resistance in the range of $0.0790-$0.080 on the upside. The initial significant resistance lies around the $0.0820 level. It is crucial for the price to surpass and close above $0.0820 to initiate a new upward movement. If this scenario unfolds, there is potential for the price to ascend towards the $0.0855 resistance level in the short term.
Facing the downside, the first level of support is approximately at $0.0755. Subsequently, a notable support level is emerging around $0.0740. Should the price break below this support level, it could revisit the $0.0715 support. Further downward movement may result in a potential decline towards the $0.0700 zone in the near future.
Based on Price Analysis, the TRX has a market value of $6,956,745,265. The coin's 24-hour trading volume is around $402,741,536.
KEY LEVELS :
RESISTANCE LEVEL : $0.07900-$0.08200
SUPPORT LEVEL : $0.07500-$0.07300
Following the recent Bull Rally, we have observed consecutive red candles in the market. The burning question on everyone's mind is whether this is a temporary dip or an ominous signal of an extended decline. The fate of TRON is uncertain - will it surpass the $0.0800 mark or plummet in price? We welcome you to share your valuable insights in the comments section below.
Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.