TRON Price Analysis: TRX/USD recovery stuck, but the outlook remains positive
|- TRX/USD hovers around $0.0114 amid range-bound trading.
- The critical support is located at psychological $0.0100.
TRX, now the 17th largest digital asset with the current market value of $759 million, has settled at $0.0114 and stayed mostly unchanged both on a day-to-day basis and since the beginning of Wednesday. TRX/USD is moving in lockstep with the market, now range-bound after some wild gyrations at the beginning of the week.
TRX/USD: Technical picture
TRX/USD recovery is limited by the middle line of the daily Bollinger Band at $0.01200. Once it is out of the way, the upside is likely to gain traction and take the price to the next resistance of $0.0127. This barrier is created by the recent recovery high of March 20. A sustainable move higher will allow for further upside move towards $0.0130 and, eventually, $0.01630. This long-term resistance is created by a combination of SMA100 and SMA200 on a daily chart. The coin has been trading below these SMAs since March 8.
On the downside, TRX is supported by psychological $0.0100, which is also the lowest level of March 23. The attempts to take it down have not been successful so far, which is a positive technical signal for the coin; however, if this support is broken, the downside momentum may start growing exponentially and take the price towards the recent low of $0.0071 and the lower line of the daily Bollinger Band at $0.0063.
TRX/USD daily chart
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