Tron price analysis: TRX/USD must defend the falling channel for dear life
|- The channel support has been tested severally amid the declines from $0.0230.
- Bullish efforts have been thwarted at $0.0170 culminating in loses likely to taste $0.0160.
Tron is disintegrating within a falling wedge pattern. The declines come after a failed attempt to rise above the resistance at $0.023. A lower high and lower low pattern has been the norm in the last three weeks. Possible support areas have been shuttered to the extent of TRX testing the key support at $23.6% Fib resistance level taken between the last swing high of $0.0230 and a swing low of $0.0137.
The 4-hour chart clearly shows that the bears are in control. The Relative Strength Index is back below 30 after a failed attempt to push TRX above $0.0170. If the RSI continues to explore lower oversold levels, TRX could shutter the channel support.
For now, the best the bulls can do is to defend the channel support by pulling the price above $0.0170. If push comes to shove and the channel support is broken, the 23.6% Fib level will come in handy. The next support target is at $0.0140.
TRX/USD 4-hour chart
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