TRON price analysis: TRX/USD succumbs to global crypto sell-off
|- TRX/USD is down 11% in recent 24 hours.
- The trend is bullish until $0.025 remain intact.
TRON (TRX) has lost 11% of its value in recent 24 hours to trade at $0.02655 at the time of writing. However, the coin is still 15% higher than a week ago and over 90% higher on a monthly basis. TRON's sell-off is caused by general deterioration of cryptocurrency market sentiments, though it is still moving with a bullish trend supported by $0.02500 level.
The coin gained support from a series of positive news, including marginal trading for TRX instruments on cryptocurrency exchange OKEx and the news that Bitttorent is about to launch its own cryptocurrency on TRON's platform. However, the positive momentum will fade away if the general market fails to stabilize anytime soon.
TRON's technical picture
TRX/USD will need to recover above $0.0294 (Wednesday's high) to improve the short-term technical picture. Once this happens, the coin will proceed towards the psychological $0.030. This resistance will be a hard nut to crack, though, once it is cleared, the recovery may be extended to $0.03442 (this week's high).
On the downside, a move below $0.025 will attract new sellers and take the price to $0.02216, which is the lowest level of the week.
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.