TRON price analysis: TRX/USD stays green amid range-bound trading
- TRON’s coin holds most of the gains made on Tuesday.
- TRX/USD is one of the best-performing coins out of top-20.
At the time of writing, TRX/USD is changing hands at $0.0166. The coin has gained nearly 4% in recent 24 hours and settled above critical SMA50 (Simple Moving Average) on a daily chart. Currently, TRON takes 11th place in the global cryptocurrency market rating with a market value of $1.12 billion and an average daily trading value of $738 million.
TRX/USD, the technical picture
Looking technically, TRX/USD is on the recovery path since September 24. A rising trendline from the recent low of $0.0117 serves as strong support and implies that the coin may proceed to new highs.. A strong bullish momentum allowed the price to settle above SMA50 (Simple Moving Average) daily at $0.0157 and hit the recent high of $0.0171. Despite the retreat to $0.0166, the coin retains bullish bias with the net focus on a $0.0182 area with the previous recovery high and the upper line of daily Bollinger Band.
On the downside, a sustainable move below SMA50 daily will allow for an extended correction towards the above-mentioned trendline at $0.0145. Once it is out of the way, the sell-off is likely to gain traction with the next focus on the recent low strengthened by the lower line of a Bollinger Band on a daily chart.
TRX/USD, daily chart
Author
Tanya Abrosimova
Independent Analyst
