Tron's Just.Game is over? TRX/USD loses 10% in a few hours

TRON (TRX) hit $0.0160 during early Asian hours before collapsing to $0.0144. The coin has lost over 10% of its value in a matter of hours. While it is still 4/5% higher from this time on Sunday, the downside momentum is gaining traction.

From riches to rags

Tron's TRX was the best-performing cryptocurrency asset on the weekend. The coin has jumped by 9% in less than 24 hours; however, the pump quickly transferred into a dump as the price hit the brick wall on the approach to $0.0160 resistance. After a short-lived spike, Tron's market capitalization slipped below $1 billion, while the coin retreated to the 11th position in the global cryptocurrency rating. 

From the longer-term perspective, TRX/USD is down 25% since the beginning of the year. The bears' sentiments started to build up in the second half of 2020 and led to a significant decline of TRX from $0.0400 in June to as low as $0.0111 in September.

Just.Game pump

 A new interactive gambling game has got live on Tron's blockchain. The event with much-touted and promoted. Justin Sun has fired like a dozen tweets in the recent few hours, live streaming news about how the app is doing. The game has a pyramid structure and targets human greed and FOMO emotions, just like the majority of gambling games. 

TRX/USD: technical picture

TRX/USD broke below SMA200 (Simple Moving Average) 4-hour at $0.0145 and extended the decline towards the next support created on approach to $0.0140-$0.0139 support area strengthened by a combination of SMA100 and the middle line of 4-hour Bollinger Band. If it gives way, the price may continue the decline to $0.0135 (SMA50 4-hour) and psychological $0.0130.

On the upside, a move above $0.0145 will mitigate the initial bearish pressure and held to create a bullish momentum. The next resistance awaits at $0.0150 and on approach to the intraday high of $0.0160.

TRX/USD, 4-hour chart