Tron Market Update: TRX/USD eyes $0.0160 after conquering $0.0120

  • Tron price gradually nurtures an uptrend and climbs above $0.0120, encouraging more buyers to join the market.
  • TRX/USD is not out of danger as long as the gap between the 50-day SMA and the 200-day SMA continues to diminish.

Tron price has managed to sustain an uptrend above a short term trendline since the recent sharp drop to $0.00735. However, progress to the north has not been forthcoming. Intriguingly, TRX/USD stepped above $0.0120 (a former seller congestion zone). The move has seen buyers shift their focus to the 200-day SMA at $0.0160. Meanwhile, bulls have an uphill task to defend $0.0120 as key support.

TRX/USD is trading 4% higher in the last 24 hours. It has a market value of $0.012107. Bullish momentum is in the lead at the time of writing mainly supported by the RSI. The indicator has gradually sustained an uptrend from the lows reached during the recent freefall at 21.42.

Although the bulls are in the driver seat, they lack a catalyst to tackle the immediate resistance at $0.0140 and the key hurdle at $0.0160. Besides, if the 50-day SMA drops below the 200-day, sellers are likely to take back control and force TRX/USD to levels around $0.0100 or even lower at $0.00735 (March 2020 lows).

TRX/USD daily chart

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