- TRX/USD has recovered nearly 2% in recent 24 hours.
- The upside momentum has faded away on the approach to critical resistance.
TRX/USD bumped into $0.0200 resistance during early Asian hours before retreating to $0.0195. The 11th largest coin with the current market value of $1.3 billion has regained about 2% of its value in recent 24 hours, though the further upside is limited due to a strong resistance located on the approach to psychological $0.0200.
TRX/USD, the technical picture
On the daily chart, a psychological $0.0200 serves as a formidable resistance for TRX/USD. This area had created strong support before it was broken on November 3. A sustainable move below this handle has worsened the short-term technical picture. The longer the price stays below this level. the less optimistic its forecasts are. The next major support is created by the middle line of the Bollinger Band daily at $0.0178 followed by SMA100 (Simple Moving Average) at $0.0172.
On the upside, a sustainable move above $0.0200 will create favorable conditions to the further recovery with the next target at $0.0224 (the upper line of daily Bollinger Band), followed by the recent high at $0.0230. This resistance area is likely to slow down thee bullish trend and initiate a period of range-bound trading.
TRX/USD, the daily chart
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