TRON market update: TRX/USD tests DMA50 for the first time since July
|- TRON’s TRX has recovered strongly from recent lows.
- The major resistance is created by SMA5o daily at $0.0178.
TRON (TRX) is one of the best performing coins on Wednesday. TRX/USD has gained over 10% of its value to trade at $0.0178 by press time. While the coin has retreated from the intraday high ($0.0178), the upside momentum is still strong as TRX is moving in sync with the rest of the market. TRON’s market value is registered at $1.16 billion, it is the 14th largest digital asset according to the rating compiled by CoinMarketCap.
Read also: TRON controlled by bears despite positive BitTorrent news
TRON’s technical picture
The initial support is created by $0.0170. This barrier si created by the middle line of the one-hour Bollinger Band. Once it is out of the way, the sell is likely to gain traction with the next focus on $0.0162 guarded by a combination of SMA50 (Simple Moving Average) one-hour and SMA200 four-hour. This support is closely followed by $0.0160 ( the middle line of four-hour Bollinger Band) and $0.0154 (SMA50 four-hour).
On the upside, we will need to see a sustainable move above the intraday high of $0.0178 strengthened by SMA50 daily for the upside to gain traction with the next major aim at $0.02.
TRX/USD, 4-hour chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.