- TRON (TRX) has retreated from the recent high.
- The coin is sitting at an important support level.
TRX/USD is changing hands at $0.0200, off the recent high reached at $0.0230 on Wednesday. The 10th largest coin with the current market value of $1.3 billion has lost nearly 7% in recent 24 hours; however, the technical picture remains positive as long as the price stays above $0.0200.
TRX/USD, the technical picture
The psychological $0.0200 serves as strong near-term support for TRX/USD. It stopped thee sell-off on Wednesday and has been limiting the downside pressure during early Asian hours on Thursday. A sustainable move below this handle will worsen the technical picture and allow for an extended sell-off towards $0.0180 with SMA50 (Simple Moving Average) four-hour located on the approach to this level. The next support comes at $0.0160 (SMA200 four-hour and SMA50 daily).
On the upside, we will need to see a sustainable move above $0.0212 ( the upper line of the Bollinger Band on a daily chart) for the upside to gain traction. Once it is out of the way, the Wednesday’s high of $0.0230 will come into focus closely followed by SMA200 daily at $0.0234. This resistance area is likely to slow down the bullish trend and initiate a period of range-bound trading.
TRX/USD, one-hour chart
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