• The Tron price began a new decline below the $0.080 threshold versus the US Dollar.
• The TRX price is currently trading below $0.0785 and the 55-day simple moving average.
• On the 4-hour chart, a key contracting triangle is forming with resistance near $0.0775 (data feed via Kraken).
• Upon breaching the $0.0750 support zone, the pair could extend its decline.

Price Analysis of Tron

This past week, the Tron price began a gradual decline against the US Dollar from well above the $0.0820 resistance level. The TRX price labored to acquire momentum for additional gains and topped out near $0.085.

ALSO READ:Stainless Games and Moxy Release Shock Rods

The price began a new decline below the $0.0800 threshold. There was an unmistakable decline below the $0.0780 level. The price has formed a low near $0.0754 and is now consolidating losses. The price is currently trading below $0.0785 and the 55-hour simple moving average.

Near the $0.0775 level, TRX faces resistance on the upside. It is near the 23.6% Fibonacci retracement level of the decline from the swing high of $0.0854 to the low of $0.0775.

On the 4-hour chart, a significant contracting triangle is forming with resistance near $0.0775. The next significant resistance level is near $0.080. It is near the 50% Fibonacci retracement level of the decline from the swing high of $0.0854 to the low of $0.075.

ALSO READ:Hong Kong Urges HSBC And Standard Chartered To Accept Cryptocurrency Customers

A close above $0.0785 and $0.080 is required for a price increase to occur. In the scenario described, the price may approach the $0.085 resistance in the immediate future.

Initial support is near the $0.0758 level on the downside. The next significant support is currently forming near $0.0750. If the price falls below the $0.075 support level, it may revisit the $0.0720 support level. Any further losses could prompt a move toward the $0.070 region in the near future.

ALSO READ:TRON Is Making Progress, But Risks Being Rejected At $0.074

Tron (TRX) Cost
The price of TRX is currently trading below $0.0785 and close to its 4-hour simple moving average of 55. If the price crashes through the $0.0750 support zone, it may continue to decline.

Statistical Indicators

4 hour MACD - The MACD for TRX/USD is gradually gathering adverse momentum within the bearish zone.

4 hour RSI – The RSI level for TRX/USD is below 50.

Important Support Levels are $0.0758 and $0.0750.

Important Resistance Levels include $0.0785, $0.080, and $0.085.