- TRON's TRX recovered from the recent low, despite bearish market sentiments.
- A strong resistance area is created by $0.0150.
TRON, 11th largest digital asset with the current market capitalization of $958 million, has lost nearly 6% of its value in the recent 24 hours to trade at $0.0143 by press time. Having recovered from the intraday low of $0.0141, the coin faced a local resistance created by the lower line of 4-hour Bollinger Band on approach to $0.0144.
Looking technically, we will need to see a sustainable move above this handle to mitigate the initial bearish pressure and allow for an extended recovery towards $0.0150. this resistance is reinforced by the middle line of 1-hour Bollinger Band. Once it is out of the way, the upside is likely to gain traction with the next focus on $0.0152 (a confluence of SMA50 (Simple Moving Average) and SMA200 1-hour). Notably, TRX/USD has been trading below SMA50 1-hour since December 1.
On the downside, the initial support is located at the intraday low of $0.0141. It is followed by a psychological $0.0140 reinforced by the lower line of 1-hour Bollinger Band. The next support awaits us at $0.0131 ( the lower line of 1-day Bollinger Band and the recent low). That's where fresh buying interest is likely to appear.
TRX/USD, the 4-hour chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.