TRON price analysis: TRX/USD attempts a recovery after a sharp-sell-off

TRON’s coin returned to the area above the broken support area.
TRX/USD is vulnerable to further losses if the recovery fails to gain traction.

Tanya Abrosimova Independent Analyst

At the time of writing, TRX/USD is changing hands at $0.0145. The coin has lost 2.3$ of its value on a day-to-day basis and stayed mostly unchanged since the beginning of Thursday. Currently, TRON takes the 11th place in the global cryptocurrency market rating. The total market value of Tron is registered at $969 million; an average daily trading volume stays at $761 million.

TRX/USD, the technical picture

TRX/USD hit the bottom at $0.0137 on Wednesday and has been recovering slowly ever since. Looking technically, the price regained ground above $0.0141 support created by the lower line of four-hour Bollinger Band; however, we need to see a sustainable move above $0.0152 for the upside to gain traction. This resistance area is created by a confluence of SMA50 (Simple Moving Average) and SMA200 on the four-hour chart. Also, the middle line of the four-hour Bollinger Band at $0.0151 creates an additional barrier for TRX bulls.

On the downside, the above-mentioned support created by the lower line of four-hour Bollinger Band at $0.0141 is followed by a psychological $0.0140. Once it is out of the way, the sell-off is likely to continue towards $0.0139 strengthened by the lower line of one-hour Bollinger Band. The next support awaits us on approach to the recent low of $0.0137.