- 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 (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
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.