The TRON Foundation to release 33 billion TRX on January 1
|- TRON's community is discussing the upcoming TRX injection.
- TRX/USD retreats from the weekend high amid slow trading.
TRON Foundation plans to unlock 33 billion TRX tokens on January 1, 2020, according to the announcement made on Twitter. While the team did not reveal the purpose of the funds' release, the community has proposed several ideas, which include investments in partnerships and a coins burn program. Some participants suggested that the funds might be spent on Poloniex development.
The poll carried out by TRON News on December 27 on Twitter may provide the TRON Foundation with insights on the community's thoughts about the upcoming massive coin unlock.
TRX/USD has recovered towards $0.0138 on Sunday before retreating to $0.0136 by the time of writing. The coin has stayed mostly unchanged both on a day-to-day basis and since the beginning of Monday amid slow holiday trading. Many traders are still on their Christmas and New Year vacations, which means that the trading activity is low.
TRX/USD: technical picture
TRX/USD topped at $0.0160. This high was reached on December 23 and quickly reversed as the prices bumped into a brick wall created by SMA50 (Simple Moving Average) daily.
From the long0term point of view. we will need to see a sustainable recovery above $0.0145 ( the upper line of daily Bollinger Band) for the upside momentum to gain traction and take the coin towards psychological $0.050 followed by $0.0151 (the current value of SMA50 daily). The next resistance comes at $0.0158 (SMA100 daily).
On the downside, the coin is supported by $0.0130, which is the lowest level since December 27. Once this barrier is passed, the sell-off may continue towards $0.0126 ( the lower line of the daily Bollinger Band) and the recent low of $0.0121 hit on December 18.
TRX/USD daily chart
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