TRON price analysis: TRX/USD mired in a range under $0.02
|- TRON's TRX has stuck in a tight range.
- The recovery is limited by the psychological $2.0.
TRX/USD, the 11th largest digital asset, has gained 1.2% in recent 24 hours to trade at $0.0193 at the time of writing. The coin has been range-bound recently as the recovery is capped by a psychological $0.0200. The recently announced news that the coin is added to Poloniex failed to provide a boost for TRX.
Read also: TRON to be listed on Poloniex, TRX/USD stops within a whisker of $0.02
TRX/USD, the technical picture
On the daily chart, psychological $0.0200 strengthened by SMA100 (Simple Moving Average) 4-hour creates a formidable resistance for TRX/USD. The coin attempted to clear the resistance on Tuesday but bumped into fresh selling orders clustered around this barrier. We will need to see a sustainable move above $0.0200 for the upside to gain traction with the next focus on $0.0215 (the upper line of daily Bollinger Band), and SMA200 (Simple Moving Average) daily at $0.0230.
On the downside, the initial support is created by Tuesday's low of $0.0189 closely followed by November low at $0.0184. Once it is out of the way, the sell-off is likely to continue with the next focus on $0.0170 ( the lower line of the Bollinger Band daily at $0.0174 and SMA100 (Simple Moving Average) at $0.0169).
TRX/USD, 1-day 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.