Tanya Abrosimova
Independent Analyst
- TRX/USD has barely changed in the recent 24 hours.
- The critical upside barrier is created by a combination of technical levels at $0.0140.
TRX is the 16th largest digital asset with the current market value of $907 million. The coin has settled at $0.0136 and stayed mostly unchanged since the beginning of Thursday and on a day-to-day basis. TRX/USD hit the intraday low at $0.0130 on April 8 but managed to regain the ground amid improved sentiments.
TRX/USD: Technical picture
TRX/USD has been moving inside a tight range recently. The coin hit the top at $0.0140 on April 7 and dropped to $0.0130 on April 8. Since that time TRX/USD has settled in the middle of the range $0.0140-$0.0130 and stayed pretty directionless.
On the downside, the initial support is created by the middle line of 4-hour Bollinger Band at $0.0135, which served as an upward-looking support line since April 2. Once it is out of the way, the sell-off is likely to gain traction with the next focus on the lower boundary of the above-mentioned range ($0.0130) followed by a 4-hour SMA at $0.0126.
TRX/USD 1-hour chart
 (3)-637220244895008992.png)
On the upside, the first barrier is created by the intraday high of $0.0138. It is followed by daily SMA50 at psychological $0.0140 that stopped the recovery on April 7. A sustainable move above this barrier will create an additional bullish trigger and push the price towards a combination of daily SMA100 and SMA200 clustered around $0.0160. The coin has been trading below this level since the beginning of March. If it is broken, the price may extend the recovery towards the long-term bullish target at $0.0200
TRX/USD daily chart
 (4)-637220245273168808.png)
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
SEC doubles down on TRON's Justin Sun lawsuit dismissing claims over jurisdiction
The SEC says it has jurisdiction to bring Justin Sun to court as he traveled extensively to the US. Sun asked to dismiss the suit, arguing that the SEC was targeting actions taken outside the US.
XRP fails to break past $0.50, posting 20% weekly losses
XRP trades range-bound below $0.50 for a sixth consecutive day, accumulating 20% losses in the last seven days. Ripple is expected to file its response to the SEC’s remedies-related opening brief by April 22.
ImmutableX extends recovery despite $69 million IMX token unlock
ImmutableX unlocked 34.19 million IMX tokens worth over $69 million early on Friday. IMX circulating supply increased over 2% following the unlock. The Layer 2 blockchain token’s price added nearly 3% to its value on April 19.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?