Tanya Abrosimova
Independent Analyst
- The new instrument will become today.
- TRX reaction is muted as the coin moves in sync with the market.
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.
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