- Tron price remains range-bound between $0.0120 and $0.0140.
- Tron enters a new DeFi ecosystem, Bidao as a collateral asset.
Tron price is still range bound between the range limit at $0.0140 and $0.0120. The sideways action followed steady recovery from the lows recorded on March 12 around $0.00722 (Fibonacci swing low). Trading in April has been mostly drab with movements to the north capped under $0.0140 and the bulls strongly defending the support at 23.6% Fibonacci retracement level of the last swing high at $0.0140 to a swing low at $0.00722 close to $0.0120.
At the timer of writing, Tron is dancing at $0.01258. The price is battling the resistance provided by the 50-day SMA. A break past this moving average could result in a rally similar to that in February 2020 when TRX/USD soared to yearly highs at $0.02699 (Fibo swing high).
Technically, the sideways price action within the range is likely to continue as observed by the MACD. The indicator’s recovery from the lows at -0.002452 (March 12) has stalled at the mean line (0.0). The current leveling motion hints that consolidation will take precedence awaiting a catalyst to force a breakout above $0.0140.
TRX/USD daily chart
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Tron collaborates with Bidao
In a recent message published on Twitter, the CEO of Tron, Justin Sun said that Tron has entered into an agreement with Bidao, a Decentralized Finaince (DeFi) ecosystem that will see greater adoption for the TRX token. TRX is going to be integrated into the Bidao ecosystem as one of the collateral assets for Collateralized Debt Positions (CDP).
Now #TRX is available on @Bidaochain’s DeFi ecosystem that is secured by the trustless @Chainlink price oracle. Bidao is joining the #TRON ecosystem so $TRX can be used as a collateral asset in the future.https://t.co/qPMlEkEPgO pic.twitter.com/ZJbNpqPWqF
— Justin Sun (@justinsuntron) April 19, 2020
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