TRON Receives Major Bearish Wave Below $0.0166 Level

TRON receives a major bearish wave after failing to clear the $0.0166 resistance level against the US Dollar. The TRX price tested the $0.0135 support zone and is now trying to correct the losses. There was another break below the crucial bullish trend line at the $0.0160 support on the 4-hour chart as we are reading more in the following TRON News.

The TRON price could even correct higher but it is likely to face the sellers close to the $0.0150 level and the $0.0152 charts. The price declined heavily over the past few days against the US Dollar similarly to Bitcoin. The TRX price is following a bearish trend as long as it is going bellow the $0.0152 resistance. TRON receives a heavy decline over the past few days and it struggled to gain bullish momentum above the $0.0165 resistance level against the US dollar. The price failed to go higher and started a stronger decline below $0.0160.

At the start of the decline, there was a break below the crucial bullish trend line at the $0.0160 support line on the 4-hour charts. The price broke a few of the key support levels close to the $0.0152 and moved into the bearish zone. There was another close below the $0.0150 level and the 55 simple moving average. The price then traded to a weekly low of $0.0129 and is now correcting higher. There was another break above the 23% Fib retracement level from the decline at the $0.165 high to the $0.0129 low.

It seems that the declining channel is forming close to the $0.0143 resistance level on the same chart. If another upside break happens, the price could start correcting higher to the If another upside break happens, the price could start correcting higher to the $0..
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0148 level. The 50% fib retracement level from the recent decline of the $0.0165 high to the $0.0129 low is going to serve as a next hurdle close to the $0.0148 level. The major resistance on the upside will get close to the $0.0150 level.

In order for TRON to move into the positive zone, the TRX price has to go over the $0.0152 resistance. It could even fail to recover above the $0.0148 and the $0.0150 resistance levels. On the downside, the initial support is close to the $0.0140 levels while the main support is close to the $0.015 level below which the bears will aim a test of $0.0120. The chart indicates that the TRX price will start trading in a bearish zone below the $0.0150 level. The chances of more losses below these levels still exist.