- McAfee’s DEX to support TRON as of November 8.
- TRX/USD is down nearly 4.5% in recent 24 hours.
TRX/USD is changing hands at $0.0190. The coin topped at $0.0230 on October 30 and has been in retreat ever since. off the recent high reached at $0.0230 on Wednesday. The 11th largest coin with the current market value of $1.2 billion has lost nearly 4.5% in recent 24 hours and became one of the worst-performing altcoins of the day.
McAfee and TRON
A famous cryptocurrency supporter and influencer John McAfee recently announced the integration of his recently launched decentralized cryptocurrency exchange (DEX) with TRON blockchain. The integration is scheduled for November 8. The exchange will support TRX10 and TRC20 tokens.
This development is considered as an important milestone for network development. However, the news had little effect of TRX price momentum. The coin is moving sideways with bearish bias along with all major altcoins.
TRX/USD, the technical picture
Psychological $0.0200 has served as strong near-term support for TRX/USD that stopped sell-offs on numerous occasions recently. However, a move below this handle during early Asian hours on Monday bodes ill for TRX bulls. A sustainable move below this handle has worsened the technical picture. The next major support is created by $0.0170 with SMA100 (Simple Moving Average) and the middle line of the Bollinger Band daily located on the approach
On the upside, we will need to see a sustainable move above $0.0200 strengthened with SMA50 (four-hour chart). Once it is out of the way, the upper line of daily Bollinger Band at $0.0222 will come into view, closely followed by the recent high of $0.0230 This resistance area is likely to slow down the bullish trend and initiate a period of range-bound trading.
TRX/USD, daily chart
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