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TRON recovers on a steady flow of positive news

  • Justin Sun bombards the market with hot news.
  • TRX/USD has been recovering following the recent announcement.
TRON recovers on a steady flow of positive news
Tanya AbrosimovaTanya AbrosimovaIndependent Analyst

At the time of writing, TRX/USD is changing hands at $0.0132, having recovered from the intraday low of $0.0129. The 12th largest coin has gained 2.5% since this time on Thursday amid improving sentiments on the cryptocurrency markets. 

TRON project has enjoyed a steady flow of positive news recently. First, the US-based cryptocurrency exchange Poloniex announced TRX staking support. Also, the founder of the project, Justin Sun, said that he would donate $1 million to Greta Thunberg to support her environmental push. While this development has no direct correlation with the cryptocurrency market, it is always good to get some large-scale publicity. 

In a most recent development, Joshuwa Roomsburg, the CEO at ChainLeak and Jaxon Marketing Group confirmed that Samsung blockchain wallet now supports TRX. He sent 1 TRX to the wallet as a test.

Just sent 1 TRX to test the wallet out... We're out here!!! That's pretty dope!

TRX/USD: technical picture

From the technical point of view, TRX recovery may be limited by $0.0135. This resistance area is created by a combination of SMA50 (Simple Moving Average) and the upper line of the Bollinger Band on 4-hour chart. Once it is out of the way, the upside is likely to gain traction with the next focus on $0.0140 (SMA100 4-hour) and $0.0150(SMA200 4-hour.

Meanwhile, the initial support is created by the lower line of the daily Bollinger Band at $0.0125. If it is broken, the recent low of $0.0121 will come into view.

TRX/USD, the daily chart


 

Author

Tanya Abrosimova

Tanya Abrosimova

Independent Analyst

 

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