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.

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

Share: Cryptos feed

Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Join Telegram