TRON price analysis: TRX/USD beats the market with 4% gains
- TRON's Sun announced the activation of the third TRON Improvement Proposal.
- TRX/USD has recovered from the recent lows.
TRON’s founder Justin Sun announced that GR Genesis Votes to be removed from TRON’s ecosystem. The proposal received 25 votes from super representatives (SR) and became effective.
“Our next effective proposal, Proposal #3 - Removal of GR Genesis Votes, was proposed by @CryptoChain and approved by 25/27 TRON’s SR on 18/11/8,” Sun wrote on Twitter.
The GR (genesis representatives) are associated with creating the genesis block.
At the time of writing, TRX/USD is changing hands at $0.0143. The coin has gained over 4% of its value in recent 24 hours and stayed unchanged since the beginning of the day. TRX is one of the best-performing altcoins out of top-20, though the further upside may be limited unless the broader market takes off from current levels.
Looking technically, a strong move above $0.0150 is needed to improve the short-term technical picture and push the price towards the next barrier at $0.0152. It is created by a combination of the middle line of one-day Bollinger Band, SMA100 (Simple Moving Average) and SMA200 on the four-hour chart. Once it is out of the way, the upside is likely to gain traction with the next focus on $0.0159 (SMA50 daily) and psychological $0.0160.
On the downside, psychological $0.0140 is likely to slow down the sell-off and trigger a recovery; however, if it is broken the bearish pressure may increase. The next barrier awaits us on approach to $0.0135 (SMA50, four-hour).
TRX/USD, daily chart
Author
Tanya Abrosimova
Independent Analyst
