Tron Price Analysis: Can 50-day SMA support hold after TRX/USD broke channel support?

Tron price plunged from highs above $0.0160 on Sunday but found support oat the 50-day SMA.
TRX/USD technical picture displays a strong bullish from as seen with the MACD.

Tron is among the many cryptoassets in the market seeking support in the wake of the selloff experienced on Sunday. Prior to the drop, TRX/USD had been holding above the key $0.0160 while its upside capped under$0.0170 and the ascending channel resistance.

The selloff across the crypto market pulled Tron lower; extended the leg below the 100-day SMA. The channel support failed to stop the losses which aimed for the major support at $0.012. Holding TRX/USD in place is the 50-day SMA currently at $0.0135. TRX/USD has managed to make a minor recovery the weekend dip and is trading at $0.0141.

The broken channel support is holding the bulls back. A return into the channel range would encourage more buyers to join the market. Meanwhile, the RSI is has slowed down the downward movement. A sideways action at 45 could end up in consolidation.

Intriguingly, the MACD’s ability to hold inside the positive region shows that buying pressure is present but lacks a catalyst to sustain gains towards $0.0160. Key support areas that are still intact are the 50-day SMA, $0.0120, $0.0100 and $0.0080.

TRX/USD daily chart

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