Crypto Technicals: TRON finds strong support at 55-EMA (0.0293), break below opens up further downside

TRX/USD chart - Trading View

Exchange - Binance

Support: 0.0293 (55-EMA); Resistance: 0.0325 (20-DMA)

Technical Analysis: Bias Neutral

TRON is extending decline from 11-month highs at 0.04156 hit on Jun 2nd trade.

The pair has slipped below 21-EMA and is holding support at 55-EMA at 0.0293.

Technical indicators have turned slightly bearish. Scope for weakness.

Stochs and RSI are sharply lower and 5-DMA has turned. RSI has slipped below the 50 mark.

Furthermore, a 'Bearish Engulfing' candlestick pattern on the weekly charts aids downside bias.

Break below strong support at 55-EMA opens up further downside.

Next major support lies at daily cloud at 0.0272 ahead of 0.0227 (rising trendline).

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