Tron price analysis: TRX/USD smashes several support levels, goes down 10% in a couple of hours
|- TRON git caught in downside spiral, losing 10% on the day
- Critical $0.0600 within a spitting distance.
Tron, the 9th largest digital asset by market capitalization, has been trading in a range for several days, before the bottom fell out. The coin broke below 50-DMA, currently at $0.0660. which added more selling pressure and pushed the price towards $0.0643 during early Asian hours. The downside momentum is gaining traction with $0.0600 now in sight.
Tron's market value decreased to $4.3B, while trading volumes slipped to $375M from $600M on May 23. Tron has lost nearly 8% in recent 24 hours.
Tron's founder Justin Sun has set eyes on BitTorrent. Rumors have it that the parties are finalizing the deal, which will put TRON one step closer to its ultimate goal of decentralizing web. The project is about to launch its MainNet and BitTorrent with more than 100 million users fits perfectly in the ambitious plans of the project.
Tron's short-term technical picture
As it is shown on the hourly chart, TRX/USD sits below all major SMA levels. The price broke below the support is created by $0.0680 (the intersection with short-term upside trendline), and smashed $0.0660 (May 23 low) in one go. The next support comes at $0.0614 (50% Fibo) and $0.0600. That's where new buyers may appear to push the price off the lows. On the upside, the local resistance is created by $0.0680 (above mentioned broken trendline) and $0.0700, followed closely by 100-SMA ($0.0709) and 50-SMA ($0.0713).
TRX/USD, the hourly chart
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