- TRON’s coin settled in the area below the trendline.
- TRX/USD is vulnerable to further losses if the recovery fails to gain traction.
At the time of writing, TRX/USD is changing hands at $0.0155. The coin has stayed mostly unchanged both on a day-to-day basis and since the beginning of Tuesday amid slow trading activity on the cryptocurrency market. Currently, TRON takes the 11th place in the global cryptocurrency market rating. The total market value of Tron returned to 1 billion after a short-lived collapse to $983 million in the end of the previous week; an average daily trading volume registered at $767 million.
TRX/USD, the technical picture
TRX/USD stays below the short-term trendline from the recent low of $0.0117. This development is regarded as a bearish signal, however, we need to see a follow-through and a sustainable move below the next support at $0.0153 to confirm the short-term bearish trend. The above-mentioned hurdle is created by SMA200 (Simple Moving Average) and the lower line of the Bollinger Band on a four-hour chart. The nearest support is located on the approach to psychological $0.0150 and $0.0143 (October 15 low). Once it is out of the way, the sell-off is likely to gain traction with the next focus on $0.0140 and $0.0131.
There are plenty of reesistance levels on the way to the North. A confluence of SMA100 and the upper line of the Bollinger Band on a four-hour chart creates a strong barrier for TRX bulls. This area may slow down the recovery and push the price back inside the recent range. However, once it is broken, the recovery may continue towards $0.0160 and $0.0165 (the broken trendline).
TRX/USD, the four-hour chart
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
Ripple's move above this key level could trigger nearly 50% rally for XRP
Ripple has overcome a critical resistance level and flipped into a support floor on the weekly time frame. This development happened while XRP tightly consolidated for roughly 250 days. Investors can expect XRP to kickstart a massive rally.
Optimism price outlook with nearly $90 million worth of OP tokens flooding markets on Friday
Optimism volatility has shrunk in the ours leading to the network’s cliff unlock. It joins the likes of dYdX and Sui, which have similar events on their calendars. As token unlocks are often considered bearish catalysts, investors should brace for a reaction after the event.
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Retail watches from the sidelines with a bias for shorts
Bitcoin could clear $73,777 peak as BTC bulls resurface. Ethereum might fall 10% before next leg up as ETH RSI teases with sell signal. XRP could lose $0.6000 threshold as Ripple bulls fail to show up.
Jito price could hit $6 as JTO coils up inside this bullish pattern
Jito price action shows a potential cup and handle formation. Based on theoretical measurement rules, a successful breakout could yield a 56% rally to $6.0. A breakdown of the $3.86 support level would create a lower low for JTO and invalidate the bullish thesis.
Bitcoin: BTC may have recovered, but is it out of the woods?
Bitcoin’s (BTC) upward momentum has shown a significant decline for the past two weeks or so. This development led to a bearish signal on the weekly and an uncertain outlook on the monthly.