TRON price analysis: TRX/USD may retest the recent high
- TRON’s coin is on the recovery path on Monday.
- TRX/USD is still locked in a long-term downside trend.
At the time of writing, TRX/USD is changing hands at $0.0166. The coin has gained over 4.5% in seven 24 days, and the upside momentum is still strong. Currently, TRON takes 11th place in the global cryptocurrency market rating with a market value of $1.1 billion and an average daily trading value of $638 million.
TRX/USD, the technical picture
Looking technically, TRX/USD is still below the recent high of $0.0175. We will need to see a sustainable move above this handle for the upside to gain traction and allow for a move towards the next critical resistance of $0.0192. This barrier is created by SMA100 (Simple Moving Average) on a daily chart. Once it is out of the way, psychological $0.02 will come into focus.
On the downside, the initial support is created by SMA50 (Simple Moving Average) on a daily chart at $0.0155. A sustainable move below this handle will allow for an extended correction towards the short-term upside trendline at $0.0152. Once it is out of the way, the sell-off is likely to gain traction with the next focus on $0.0140.
TRX/USD, daily chart
Author
Tanya Abrosimova
Independent Analyst
