TRON market update: TRX/USD lived through the worst day since September 6
|- TRON’s TRX has retreated strongly from recent highs.
- The major resistance is created by SMA50 daily at $0.0175.
TRON (TRX) was a big loser on Sunday, The coin crashed from $0.0181 to $0.0165, which is the worst one-day decline since the end of August. While the coin has recovered from the recent low of $0.0139 reached on September 6, the upside momentum faded away on approach to $0.0186. This level was touched twice in a recent week, and both times it resulted in a set back. TRX is moving in sync with the rest of the market. TRON’s market value is registered at $1.2 billion, it is the 13th largest digital asset according to the rating compiled by CoinMarketCap.
What’s going on
In a string of tweets TRON’s founder Justin Sun announced a new system of staking revenues distribution. It is aimed to improve decentralization and incentivize users and partners to be more engaged in network development.
"A fair, decentralized distribution of staking revenues, encouraging greater user participation and smoother engagement with staking from more wallets, exchanges, and partners, ”Sun wrote.
He also added that the new system will make a community more active and enhance the economic model of the network.
TRON’s technical picture
The initial support is created by $0.0160. This barrier is created by the middle line of the one-day Bollinger Band. Once it is out of the way, the sell-off is likely to gain traction with the next focus on the recent low of $0.0139 supported by the lower line of one day Bollinger Band at $0.0138.
On the upside, we will need to see a move above $0.0175 ( SMA50 (Simple Moving Average) daily) to mitigate the immediate bearish pressure. However, for a sustainable recovery, TRX/USD needs to clear $0.0181 (the upper line of one-day Bollinger Band) and the recent high of $0.0186.
TRX/USD, one-day chart
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