TRON price analysis: TRX/USD bulls intimidated by $0.02

TRON's TRX failed to settle above critical resistance.
A strong support area below the current price may stop the sell-off.

Tanya Abrosimova Independent Analyst

TRX/USD, the 11th largest digital asset, has retreated from the Asian high, though it is still 2% higher from this time on Wednesday. The coin failed to settle above psychological $0.0200 despite numerous attempts to break above this barrier. At the time of writing, TRX/USD is changing hands at $0.0198.

TRX/USD, the technical picture

On the daily chart, TRX/USD created a double top at $0.0203. This area served as resistance on Wednesday and stopped the upside during early Asian hours. We will need to see a sustainable move above this handle for the upside to gain traction and take the price towards the next barrier created by the upper line of the Bollinger Band at $0.0215.

On the downside, TRX/USD has come close to the strong support area of $0.0196. A confluence of technical indicators including the middle lines of the daily and 4-hour Bollinger Bands and SMA50 (Simple Moving Average) 5-hour will make it a hard nut for the bears. Once it is cleared, the sell-off may continue towards the next bearish target at $0.0186 ( the lower line of 4-hour Bollinger Band) and $0.0170 (SMA50 and SMA100 daily).