TRON market update: TRX/USD tests DMA50 for the first time since July

TRON’s TRX has recovered strongly from recent lows.
The major resistance is created by SMA5o daily at $0.0178.

Tanya Abrosimova Independent Analyst

TRON (TRX) is one of the best performing coins on Wednesday. TRX/USD has gained over 10% of its value to trade at $0.0178 by press time. While the coin has retreated from the intraday high ($0.0178), the upside momentum is still strong as TRX is moving in sync with the rest of the market. TRON’s market value is registered at $1.16 billion, it is the 14th largest digital asset according to the rating compiled by CoinMarketCap.

TRON’s technical picture

The initial support is created by $0.0170. This barrier si created by the middle line of the one-hour Bollinger Band. Once it is out of the way, the sell is likely to gain traction with the next focus on $0.0162 guarded by a combination of SMA50 (Simple Moving Average) one-hour and SMA200 four-hour. This support is closely followed by $0.0160 ( the middle line of four-hour Bollinger Band) and $0.0154 (SMA50 four-hour).

On the upside, we will need to see a sustainable move above the intraday high of $0.0178 strengthened by SMA50 daily for the upside to gain traction with the next major aim at $0.02.

TRX/USD, 4-hour chart

Author

Tanya Abrosimova

Independent Analyst

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