TRON market update: TRX/USD collapses below $0.0170, loses over 4% in a matter of hours
- TRON’s TRX has retreated strongly from recent highs.
- The major resistance is created by SMA50 daily at $0.0177.
TRON (TRX) has partially reversed Wednesday’s gains amid global correction on the cryptocurrency markets. TRX/USD has lost over 4.5% of its value to trade at $0.0166 by press time. While the coin has recovered from the intraday low ($0.0164), the downside momentum is gaining tarctio as TRX is moving in sync with the rest of the market. TRON’s market value is registered at $1.11 billion, it is the 13th largest digital asset according to the rating compiled by CoinMarketCap.
Read also: TRON market update: TRX/USD tests DMA50 for the first time since July
TRON’s technical picture
The initial support is created by $0.0162. This barrier si created by SMA200 (Simple Moving Average) on the four-hour chart. Once it is out of the way, the sell-off is likely to gain traction with the next focus on $0.0158 guarded by a combination of SMA50 (Simple Moving Average) four-hour and SMA200 one-hour. This support is closely followed by $0.0156 ( SMA100 four-hour and the middle line of Bollinger Band on a daily chart).
On the upside, we will need to see a move above $0.0170-$0.0171 area to mitigate the immediate bearish pressure. However, for a sustainable recovery, TRX/USD needs to clear $0.0176 (the middle line of one-hour Bollinger Band) and $0.0177 (SMA50 daily). This development will negate the short-term bearish scenarion and allow for an extended recovery towards $0.0180 and to Wednesday’s high at $0.0186.
TRX/USD, 4-hour chart
Author
Tanya Abrosimova
Independent Analyst
