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TRON price analysis: TRX/USD bears take revenge

  • TRX/USD retreated from $0.0370 and slipped to the 11th place in cryptocurrency market rating.
  • The critical $0.0400 may be retested after the retreat.
TRON price analysis: TRX/USD bears take revenge
Tanya AbrosimovaTanya AbrosimovaIndependent Analyst

TRON (TRX) topped at $0.0373 and retreated towards $0.0333 by the time of writing. The coin slipped from the 10th place in the global cryptocurrency rating giving way to Cardano. Now it takes the 11th place with the current market capitalization of $2.2 billion. TX/USD has lost nearly 7% of its value since this time on Tuesday. 

 TRON’s technical picture

Despite the retreat, the coin is still trading above the critical support created by psychological $0.03. This area is considered to be a strong threshold. Once it is cleared, the downside momentum might gain traction with the next focus on $0.0283 (Simple Moving Average (SMA)100 on 4-hour chart) and $0.0263 (SMA200 on the same timeframe and SMA50 on a daily chart).

On the upside, the first resistance awaits the bulls on approach to $0.0340 with SMA50 1-hour located on approach. A sustainable move above this handle will open up the way towards the next bullish aim of $0.0350. It is followed by the recent high of $0.0370 and critical $0.04.

TRX/USD, 1-hour chart

Author

Tanya Abrosimova

Tanya Abrosimova

Independent Analyst

 

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