TRON Price Analysis: TRX/USD aims at $0.0120 amid global cryptocurrency recovery

TRX slipped to the 17th place giving way to Cardano's ADA, even though Tron's market value increased from $704 on Monday to $759 million by press time. TRX/USD has gained over 8% in the recent 24 hours amid the resumed recovery on the global cryptocurrency market. The coin is changing hands at $0.0113, off the recent high reached at $0.0115. 

TRX/USD: Technical picture

In the short-run, TRX/USD recovery is capped by a combination of SMA100 4-hour and the upper line of 4-hour Bollinger Band at $0.0118. A sustainable move above this area will open up the way towards psychological $0.0120 and create a precondition for further recovery to stronger resistance at  $0.0127. This barrier is created by the middle line of the daily Bollinger Band and the recent recovery high of March 20. Once it is out of the way, the upside is likely to gain traction with the next focus on $0.0130.

 On the downside, TRX is supported by $0.0100 with SMA50 4-hour located on the approach to this psychological barrier. It served as a resistance level during the previous week and now that its status changed, it has the potential to stop the sell-off. However, once it is cleared, the downside momentum may start growing exponentially and take the price towards the recent low of $0.0071 and the lower line of the daily Bollinger Band at $0.0063. 

TRX/USD 4-hour chart