Tron Market Update: TRX/USD to retest $0.2000 after correction

TRX/USD is changing hands at $0.0195, off the intraday high of $0.01990. The coin has gained nearly 6% on a day-to-day basis moving in sync with the market. Notably, TRX/USD is the 16th largest digital asset with the current market value of $1.39 billion and an average daily trading volume of $587 million.

Tether mints Tron-based USDT

Tether minted 300 million Tron-based USDT, according to Whale Alert service that tracks large transactions with cryptocurrencies.  Paolo Ardoino, the CTO of Tether and Bitfinex explained that the new lump of stablecoins had been issued to restock the inventory on Tron network. However, the cryptocurrency users seem to be doubtful and concerned about Tether issuance policy. Basically, many people do not believe that USDT is not fully backed by the US Dollar. 

TRX/USD: Technical picture

On the daily chart, TRX/USD moves towards the upper line of the daily Bollinger Band at $0.01930. If it is broken, the price may continue moving inside the BB towards its upward-looking middle line at $0.01800. This barrier may stop the correction and attract new buyers to the market. However, if it is cleared, $0.01700 will come into focus. This support is reinforced by 50-day SMA that have been limiting TRX decline since the end of April.

On the upside, the critical resistance comes at $0.0200. This psychological barrier is reinforced by a combination of 100-week SMA and the upper line of the weekly Bollinger Band.  A sustainable move above this area is needed for the upside to gain traction with the next focus on $0.2680, the highest level of 2020 reached in February.

TRX/USD daily chart