- TRX/USD gains 2% in the recent 24 hours.
- Investors are furious about BitTorrent ICO.
TRON claws background after a fierce sell-off on Monday, caused by disappointing BitTorrent token (BTT) sale. Both TRON and BInance reported that issuance was sold out in less than 15 minutes with the total amount raised over $7M. However, the crypto community was outraged at bad user experience and persistent technical issues that prevented investors from participating in the sale.
TRX dropped as low as $0.02517 on Monday. While the coin managed to recover from the lows, it is still hovering under $0.0280 handle.
TRON’s technical picture
TRX/USD bulls focus on the area above $0.02800. A sustainable move higher will improve the short-term technical view and create favorable conditions for an extended recovery. The critical resistance lies at $0.0300. This area has been limiting the upside in January.
On the downside, the initial support comes at $0.0270, followed by the recent low of $0.02517. Once broken, the sell-off may gain traction with the next short-term focus on $0.02460/50 area that served as resistance back in November 2017. Meanwhile, a sustainable move below $0.02290 (50% Fibo retracement for the recent rally) will signal the end of the Bulls dominance.
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