TRON price analysis: TRX/USD moves away from intraday low; upside limited
- 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
Author
Tanya Abrosimova
Independent Analyst
