TRON Price Analysis: TRX/USD ready to conquer $0.0400 once the correction is over

TRON's TRX slows down after a sharp increase to a new multi-year high of $0.0373
The upside movement may be resumed after a short-term correction.

Tanya Abrosimova Independent Analyst

TRON's TRX is gaining ground rapidly. The coin hit the intraday high at $0.0373 At the time of writing, XRP/USD is changing hands at $0.0363, which is over 20% higher from this time on Monday, September 1. TRON is now the 13th largest digital asset with the current market capitalization of $2.59 billion and an average daily trading volume of $2.85 billion, which is 300% higher from the levels registered at the end of August.

Earlier, FXStreet reported that TRON's founder Justin Sun launched its DeFi-project where TRX stakers will receive rewards in SUN coin. The news project may support TRX bullish momentum for the time being. Also among the recent developments, TRON's partnership with Band Protocol.

TRX/USD: The technical picture

TRX/USD topped at $0.0373 during early Asian hours and started the downside correction from overbought territory. The RSI on the intraday charts has reversed to the downside, signaling that the price is ripe for the retreat with the first aim at $0.0340. This local support is created by the middle line of the 1-hour Bollinger Band and the upper line of the daily Bollinger Band; Once it is out of the way, the sell-off is likely to gain traction with the next focus on the psychological $0.0300 that has a potential to slow down the bears and trigger a new bullish wave.

If $0.0300 is verified as a support, the recovery may gain traction and take the price towards the $0.0400 for the first time since July 2019. Notably, neither weekly nor daily RSI sends the reversal signals as of yet, which means TRX/USD is well-positioned for the further upside after a short-lived technical correction.