Tron price is currently dumping gains after rallying 50 percent in four days to reach highs of $0.0325. The TRX/USD pair has to stay above the $0.025 price level to recuperate losses in the short run.
Early this week, the TRX price action put in a significant shift to rise past the $0.0220 resistance zone. TRX bulls struggled but eventually managed to get past the barriers near $0.0250 and the 55 simple moving average (4-hours) to gather positive momentum.
1-Day Tron price chart
The bullish trend managed to break past the $0.030 resistance zone, hitting a new multi-week high of $0.0325. However, the TRX/USD pair has recently initiated an acute downward correction.
TRX/USD set to dump and consolidate?
During Tron price uptrend from $0.0241 swing low to $0.0325 high, there was a break just underneath the 50% Fibonacci retracement level. The pair is now almost reaching the subsequent support zone at $0.026. Notably, there is a major bullish trendline developing around the $0.02600 support zone on the 4-hour daily chart.
The bullish trendline is near the 76 percent Fib retracement levels of the upswing from $0.0241 lows to $0.0325 highs. The next critical support zone for Tron (TRX) is around $0.0240, and if the pair moves beneath this level, the downward momentum might persist.
TradingView crypto analyst by the name Ceesounds anticipates a massive dump ahead for the TRX/USD pair. According to the trader’s chart, Tron (TRX) price might plummet below the shorts indicated before it begins the consolidation phase due to the multi-year resistance it faced after hitting a multi-weeks high. As per the chart, TRX/USD might drop until the $0.020 support zone.
Disclaimer: The information provided is not trading advice but informative analysis of the price movement. Cryptopolitan.com holds no liability towards any investments based on the information provided on this page.