TRX/USD needs to clear $0.0200 to escape the range
- TRX/USD is sitting in a tight range since the beginning of November.
- The upside momentum has faded away on the approach to critical resistance.
TRX/USD has been locked in a depressingly tight range since the beginning of November. The 11th largest coin with the current market value of $1.3 billion has gained 1.7% of its value in recent 24 hours to trade at $0.0199 at the time of writing. The psychological $0.0200 limits the recovery and keeps the coin trapped in a range.
TRX/USD, the technical picture
On the daily chart, psychological $0.0200 creates a strong barrier for TRX bulls. The coin attempted to clear the resistance during early Asian hours, but the upside momentum failed to gain traction. This area had served as support before it was broken on November 3. We will need to see a sustainable move above this handle for the upside to gain traction with the next focus on $0.0226 (the upper line of daily Bollinger Band), followed by the recent high at $0.0230 and SMA200 (Simple Moving Average) daily at $0.0232.
On the downside, the support is created by the recent low of $0.0185. It is followed by the next major support is created by the middle line of the Bollinger Band daily at $0.0181 and SMA100 (Simple Moving Average) at $0.0172. Once it is out of the way, the sell-off is likely to gain traction with the next focus on SMA50 daily at $0.0164.
TRX/USD, the daily chart
Author
Tanya Abrosimova
Independent Analyst
