- TRON Foundation performed massive buyback.
- The short-term technical picture implies that the sell-off may be extended.
TRON (TRX), the 14th largest cryptocurrency with the current market value of $1 billion, has lost over 2.5% of its value in recent 24 hours to trade at $0.0152 by the time of writing. While the downside movement was caused by a sell-off on the cryptocurrency market, TRON appears to be among of the biggest losers out of top-20 altcoins.
TRON buys TRX back
TRON Foundation proceeded with the Buy-Back plan announced back in May.
"In July 2019, TRON announced the $20 Million Buy-Back Plan. The 1st phase of 2019 as set out in the plan. Thank you for your support of #TRON. Next phase of the #TRX buy-back plan will be announced in due time based on development of TRON ecosystem,”TRON’s founder Justin Sun wrote in his twitter account.
TRON Foundation developers explained that the coins were needed to speed up the network development, launch new products and support TRX exchange rate. The company will continue buying back TRX coins; however, the timeline of the buybacks is not disclosed.
TRON’s technical picture
The buyback did little to support the coin’s price. TRX/USD peaked at $0.0161 on September 3 and has been sliding down ever since. The initial support is created by $0.0151, which is the lowest level since August 28. On the upside, the resistance awaits at $0.0157. It is created by a combination of SMA50 (Simple Moving Average) 4-hour and the middle line of 4-hour Bollinger Band.
TRX/USD, 4-hour 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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.