Tron price analysis: Bearish zone below the $0.0155 support mark

Tron price has is trading near the 0.0155 dollars support mark and the bulls would not want it to break below.

Last week saw Tron price moving above the 0.0170 dollars resistance. The bulls did not stop there and kept pushing the price until it was above the 0.0180 dollars mar. Next, the fifty-five (55) simple moving average (SMA) was not spared either which resided close by. A major downside correction path was chosen for TRX once it breached through the 0.0185 dollars mark.

The new support at 0.0180 dollars was not strong enough to hold the land sliding price and the next support mark at 0.0178 dollars proved to be weak as well. The closing price for Tron price was even lower as the 0.0170 dollars support was broken and the price had started trading below the fifty-five (55) simple moving average.

Tron price has a single shot at this

The downward price action did not stop here and 0.0165 dollars was breached following the fall of the 0.0157 dollars support. The price rebounded to 0.0158 dollars support and has been held there. A key bullish trend line also forms near the 0.0158 dollars support.

The topside gives resistances and the first one to be encountered is at the 0.0165 dollars resistance-to-support mark. This mark also coincides with the twenty-three percent (23.6%) Fibonacci retracement level from 0.0157 dollars on the lower end and 0.0186 dollars on the top side. The fifty percent (50%) Fibonacci retracement level from the 0.0157 dollars low to 0.0186 dollars high also lies on the 0.0170 dollars lane at 0.0171 dollars.

Tron price analysis: Bearish zone below the $0.0155 support mark 2

Tron price chart by TradingView

Before the bulls can reach that mark, they have to clear a major resistance mark that sits on 0.0170 dollars.

With the main resistance mark being 0.0165 dollars and 0.0170 dollars, the bulls should steer clear of the 0.0158 dollars support mark, bringing the price towards the top in the process. At best, the price should not close below the 0.0158 dollars mark or the 0.0155 dollars mark.