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

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.

Read also: TRON controlled by bears despite positive BitTorrent news

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


 

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.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

BTC/USD gearing up for another attempt to crack $10,000 as active addresses keep growing

Bitcoin is holding surprisingly well after the flash crash on June 2. Bulls keep defending the daily 12-EMA while Bitcoin slowly climbs higher. BTC/USD is trading at $9,660 at the time of writing, looking at the $9,887 resistance level.

More Bitcoin News

XRP/USD clutches above $0.20, is holdling an effective XRP strategy?

Ripple is currently in consolidation above $0.20. Therefore, there is not much that can be said in regard to this week’s price performance, except for the move that tested $0.2150 on Monday.

More Ripple News

ETH/USD may return to $220.00 before another strong rally

Ethereum tested $247.93 during early Asian hours and retreated to $247.70 by the time of writing.  The second-largest digital asset has gained about 1% of its value since the start of the day and stayed unchanged since the beginning of the day.

More Ethereum News

IOTA upgrades Hornet node software

IOTA has announced a major upgrade to its Hornet node software, which is the first performance upgrade in IOTA 1.5. the first in a series of planned protocol upgrades.

More IOTA News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: BTC/USD needs to go down again before it goes up

After a head-spinning volatility at the beginning of the week, BTC/USD settled above $9,600 with minor gains on a week-on-week basis. A shall Doji candle on a weekly chart is an alarming signal that the bulls are exhausted by uncertainty and large price swings. 

Read the weekly forecast

BTC

ETH

XRP