TRON (TRX) based futures are now available on OKEx

The new instrument will become today.
TRX reaction is muted as the coin moves in sync with the market.

Tanya Abrosimova Independent Analyst

Cryptocurrency exchange OKEx announced the launch of TRON (TRX)-based futures. The new instrument will be available for the platform's customers from 08:00 May 20, 2019 (CET, UTC+1) with the maximum allowed leverage 20x. The settlements will be made on a weekly, bi-weekly and quarterly basis, while the quotes will be sourced from OKEx, Huobi and Binance prices for TRX/BTC.

TRON's reaction has been muted so far. TRX/USD jumped to $0.0288 on Sunday amid global cryptocurrency market recovery, only to retreat to $0.0276 by the time of writing. The 11th largest coin with the current market capitalization of $1.9 billion has gained 1.34% on a day-on-day basis.

Looking technically, TRX/USD topped at $0.0331 on May 16 before a strong sell-off on the global cryptocurrency market took it down to $0.0247. Currently, the price is supported by DMA50 ($0.0260). A sustainable move lower will open up the way towards the next bearish target of $0.0250 (DMA100) and the above mentioned recent low of $0.0247.

On the upside, the key barrier is located on the approach to $0.0293 (23.6% Fibo retracement). Once it is cleared, the upside is likely to gain traction with the next focus on psychological $0.03.

Author

Tanya Abrosimova

Independent Analyst

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