Tron Price Analysis: TRX/USD levels at the 100 SMA as JUST Foundation Airdrops 217k JST Tokens

Tron is among the many cryptocurrencies pushing for consolidation on Thursday during the Asian session. The month of May has not been as eventful as March and April. In March, TRX sunk to lows around $0.0075. The crypto then spent most of April recovering from the ‘crypt’. The recovery hit a wall at $0.0167 in the first week of May and since then the major task has been preventing losses under $0.0125 support.

The Asian session is characterized by low trading activities both in the bullish and bearish camps. TRX/USD is holding ground at the 100-day SMA. Marginally below the market value, TRX/USD is supported by the 50-day SMA. The short term moving average is working towards closing the gap with the longer-term moving average.

Technically, Tron is poised for sideways trading and consolidation. The RSI is moving horizontally above 50 (average). On the other hand, the MACD is holding ground in the positive region, which means that buying influence is still present. Therefore, stepping above the short term resistance at $0.0150 could culminate in a breakout targeting the seller congestion at $0.01750, $0.0200 and $0.0250.

JUST Foundation Airdrop

The members of the Tron community were treated to an airdrop organized by JUST Foundation, the governing arm of JUST, a decentralized finance (DeFi) platform started by Justin Sun. Only the members with more than 100 TRX were eligible for the airdrop that saw 217,800,000 JUST (JST) tokens distributed. This airdrop is one among four, which are scheduled to take place until October 2022. JST token is a stablecoin for the ecosystem and allows holders to participate in governance, pay transaction fees among other things. All eligible TRX addresses will receive the tokens within 72 hours after the airdrop.

TRX/USD daily chart