Tron price analysis: TRX/USD capped by short-term trendline, bullish momentum fading away
|- TRON gained 13.5% during recent 24 hours.
- Break above $0.0750 is needed for an extended recovery.
Tron has recovered to $0.0722 from the lows reached at $0.0588 on Saturday. Further upside movement is limited by the sloping trendline visible on the hourly chart. Once it is successfully broken, Tron enthusiasts will get a chance to snatch the driving wheel from bears and push TRX/USD to $0.08000 handle.
Tron Foundation announced a series of rewards ahead of TronVM v. 0.1 launch, scheduled on May 25.
"TronVM v.0.1 will be launched on May 25. This version will be fully compatible with the Ethereum VM. All Ethereum developers will be able to use an adapter to migrate seamlessly from Ethereum dApp projects to #TRON . We will offer a reward program, stay tuned!" the company said in a Twitter published statement
The 10th largest coin with market value $ 5B, with trading volumes over $500M registered during recent 24 hours. Korean Upbit is leading the charge in terms fo TRX trading volumes despite speculations about police investigations. Bithumb and Binance are on the second and the third place respectively.
Tron's technical picture
As it is shown on the hourly chart, TRX/USD is trading below sloping trendline currently at $0.0750. Once it is cleared, TRX/USD may move towards critical $0.0800. On the downside, the support is created by 100-SMA (hourly chart) at $0.0710 and 50-SMA at $0.0684.
TRX/USD, the hourly chart
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