Tron Price Analysis: TRX/USD holds above 50 SMA as Justin Sun takes fight to Ethereum’s Vitalik Buterin

Tron price has lost over 2% in the last 24 hours amid growing bearish sentiments in the cryptocurrency universe. The entire market continues to follow the price action of their granddaddy, Bitcoin (BTC). BTC/USD failed to break the $10,000 level and is now seeking relief from losses marginally above $9,000. TRX/USD has not been spared by the selling pressure as it struggles to hold above the 50-day SMA.

Technically, TRX/USD is poised for more losses especially if the ongoing selling activity breaks the 50-day support as well as the ascending channel support. The RSI reveals that sellers have the upper hand at the moment. Also emphasizing the downtrend is the MACD which currently features a bearish divergence.

Intriguingly the MACD is holding the ground above the mean line to show that bulls still have the strength to stop the declines, preferably at the 50-day SMA. On the upside, movement is capped under the 200-day SMA as well as the seller congestion zone at $0.0160.

TRX/USD daily chart

Justin Sun and the Steem drama

The founder of Tron, Justin Sun, is still dealing with the aftermath of the DAO hacking incident. He recently reckoned that “I will personally 100% sponsor anyone who was harmed by the DAO incident.” However, Sun is taking the fight to Ethereum’s founder Vitalik Buterin to have him pay damages to the network. The bitter exchange of words between the two founders took place just a day before Steem (STEEM) underwent a hard fork. According to Steempeak, a site based on Steem:

"WARNING: Steem witnesses are going to execute a hard fork within 24 hours which will remove approximately 23.6M STEEM from 65 accounts. The funds will be transferred to an account named @community321 (the ownership of which has not been revealed)."