Tron price analysis: Major trendline support shuttered, TRX/USD risks plunging to $0.0120
|- Tron bearish leg from October’s high at $0.0230 extends towards $0.0160 short-term support area.
- TRX/USD is still in grave danger of retesting $0.0120 support despite defending falling channel support.
The freshly renewed bearish wave on Monday was a blow to the much-anticipated bull rally ahead of the holiday season. Tron (TRX) was among the worst-hit coins by the acute selling pressure. The digital asset extended the bearish leg below the 50 SMA and the 100 SMA on the 4-hour chart. The retracement is part of a three-week retraction from the October high at $0.0230.
The losses left a major trendline’s resistance in shambles as it explored the levels beneath the 38.2% Fibonacci level taken between the last wing high of $0.0230 to a swing low of $0.0137. Fortunately, descending channel support came in handy defending a potential fall below the next support at $0.0160.
Tron is trading at $0.017 but the RSI is still confined in the oversold region. The 50 SMA also crossed below the 100 SMA at $0.0195 suggesting a lower consolidation for TRX. In the event selling pressure increases, and the channel support is broken, TRX is in danger of dropping retesting he support at $0.0120.
TRX/USD 4-hour chart
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