TRON price analysis: TRX/USD attempts a recovery after a sharp-sell-off
|- TRON’s coin returned to the area above the broken support area.
- TRX/USD is vulnerable to further losses if the recovery fails to gain traction.
At the time of writing, TRX/USD is changing hands at $0.0145. The coin has lost 2.3$ of its value on a day-to-day basis and stayed mostly unchanged since the beginning of Thursday. Currently, TRON takes the 11th place in the global cryptocurrency market rating. The total market value of Tron is registered at $969 million; an average daily trading volume stays at $761 million.
TRX/USD, the technical picture
TRX/USD hit the bottom at $0.0137 on Wednesday and has been recovering slowly ever since. Looking technically, the price regained ground above $0.0141 support created by the lower line of four-hour Bollinger Band; however, we need to see a sustainable move above $0.0152 for the upside to gain traction. This resistance area is created by a confluence of SMA50 (Simple Moving Average) and SMA200 on the four-hour chart. Also, the middle line of the four-hour Bollinger Band at $0.0151 creates an additional barrier for TRX bulls.
On the downside, the above-mentioned support created by the lower line of four-hour Bollinger Band at $0.0141 is followed by a psychological $0.0140. Once it is out of the way, the sell-off is likely to continue towards $0.0139 strengthened by the lower line of one-hour Bollinger Band. The next support awaits us on approach to the recent low of $0.0137.
TRX/USD, the four-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.