TRON price analysis: TRX/USD crashes to 14th place on CoinMarketCap
- TRON’s coin resumed the decline, broke below the trend line.
- TRX/USD is vulnerable to further losses if the recovery fails to gain traction.
At the time of writing, TRX/USD is changing hands at $0.0148. The coin has lost over 6.5% in recent 24 hours, and the downside momentum is still growing. Currently, TRON takes 14th place in the global cryptocurrency market rating, losing three positions to Monero (XMR), Cardano (ADA) and LEO. The total market value of Tron reduced to $983 million; an average daily trading volume registered at $626 million.
TRX/USD, technical picture
TRX/USD dropped below the short-term trendline that goes from the recent low of $0.0117. This development is regarded as a bearish signal that may result in increased downside pressure on the coin. The nearest support is located on the approach to $0.0143 (October 15 low). Once it is out of the way, the sell-off is likely to gain traction with the next focus on $0.0140 and $0.0131 ( the lower line of a Bollinger Band on a daily chart).
There are plenty of technical barriers on the way to the North. We will need to see a sustainable move psychological $0.0150 to extend the recovery towards the next barrier related by $0.0152 (the middle line of a Bollinger Band on a daily chart). Once it is out of the way, SMA50 (Simple Moving Average) daily at $0.0154 will come into focus. Meanwhile, an ultimate resistance is created by the above-mentioned upside trendline currently at $0.0158.
TRX/USD, daily chart
Author
Tanya Abrosimova
Independent Analyst
