Tron extend bearish leg from October’s high $0.0230

The renewed sell-off on Monday put Tron among the worst-hit coins. The digital asset extended the bearish move below the 50-day and 100-day SMAs on the 4-hour chart. The retracement is part of a three-week retraction from the October high at $0.0230.

The 4-hour RSI entered again in the oversold area and right now the price is testing 50% Fibo retracement on the rally from 0.01174 (yearly low) to $0.0230 (the Oct. high) at 0.01737. The price action here will be decisive for the next direction of Tron.

If the price couldn't broke this area, the selling pressure will increase and the pair can test the bearish channel support line. In the event of a clear break there, TRX is in danger of further dropping for retesting $0.01174.

If Tron break above the 50% Fibo we could see some decent upside potential here. On upside the first resistance is the 0.0190/2020 area where are located H4 100-day SMA and 23.6% Fibo level. Next is the key high $0.0230.

In which direction you think that the price will go?

Trade closed manually:

After the rebound from the low of 0.01316 we closed out trade at 0.01410.