Tron Price Analysis: TRX/USD dents $0.0200, a decisive breakthrough will be a big deal for TRX bulls
- TRON's ecosystem continues growing steadily as the number of addresses exceeds $4.6 million.
- TRX/USD is hovering around critical resistance level created by $0.02000.
TRON (TRX), now the 14th largest digital asset with the current market value of $1.3 billion, is changing hands at $0.0198 after a short-lived spike above $0.0200 during early Asian hours. The coin has gained nearly 6% in recent 24 hours and recovered the losses of the previous day. An average daily trading volume is registered at $1.4 billion, which is in line with the recent data.
Notably, Tron's network has been growing steadily. According to the latest statistics, there are now over 4.6 million Tron accounts with over 4,000 accounts added on a daily basis. Tron Foundation wrote on Twitter:
According to the latest data from @TRONSCAN_ORG, the total number of #TRON accounts has surpassed 4.6M, and is now 4,606,346. #TRX $TRX.
This data illustrates a steady growth of Tron's ecosystem and supports the price increase.
TRX/USD: technical picture
From the technical point of view, TRX/USD has reached an important psychological and technical resistance of $0.0200. The price has been trying to penetrate it since January 29 with little success so far. However, once this barrier is taken out, the uoside momentum will gain traction with the next focus on $0.02300, which is the highest level since October 2019 and a recovery high from September 24 low of $0.01117.
On the downside, the correction may take the price towards Tuesday's low at $0.0184, which is also a lower boundary of the recent consolidation channel. This area is likely to slow down the sellers; though, if it is cleared, the downside momentum may be extended to SMA200 daily at $0.0169. TRX/USD has been trading above this MA since January 28.
TRX/USD daily chart
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Author
Tanya Abrosimova
Independent Analyst
