TRON Price Analysis: TRX hits a brick wall at the 55 EMA

• TRON is trading nearly 3% lower on Thursday after finding resistance at the 55 EMA.
• The price has retraced nicely since finding a low back on 13th March. 

TRX/USD daily chart

TRON has been on quite the run since hitting the swing low on March 13th but now it seems the altcoin has run into some problems. This wave of higher lows and higher highs could come to an end as the price stalled at the 55 exponential moving average. This could just be a small blip but only time will tell if this could be a more serious break lower.

Looking closer at the technicals, the RSI has moved above the 50 mid-point but is now tilting lower. The 55 and 200 moving averages had a dead cross on March 17th too. The main confirmation will come if the red trend line gets broken to the downside. Where the 23.6% Fibonacci retracement lies there could be some support as it was a level which had been used in the past. Lastly, if the bulls are to regain control of the market then a break of 0.01406 is the key zone to watch.