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TRON price analysis: TRX/USD mired in a tight range

  • TRON’s coin settled in  the area below the trendline.
  • TRX/USD is vulnerable to further losses if the recovery fails to gain traction.

At the time of writing, TRX/USD is changing hands at $0.0155. The coin has stayed mostly unchanged both on a day-to-day basis and since the beginning of Tuesday amid slow trading activity on the cryptocurrency market.  Currently, TRON takes the 11th place in the global cryptocurrency market rating. The total market value of Tron returned to 1 billion after a short-lived collapse to $983 million in the end of the previous week; an average daily trading volume registered at $767 million.

TRX/USD, the technical picture

TRX/USD stays below the short-term trendline from the recent low of $0.0117.  This development is regarded as a bearish signal, however, we need to see a follow-through and a sustainable move below the next support at $0.0153 to confirm the short-term bearish trend. The above-mentioned hurdle is created by SMA200 (Simple Moving Average) and the lower line of the Bollinger Band on a four-hour chart. The nearest support is located on the approach to psychological $0.0150 and $0.0143 (October 15 low). Once it is out of the way, the sell-off is likely to gain traction with the next focus on  $0.0140 and $0.0131.

There are plenty of reesistance levels on the way to the North. A confluence of SMA100 and the upper line of the Bollinger Band on a four-hour chart creates a strong barrier for TRX bulls. This area may slow down the recovery and push the price back inside the recent range. However, once it is broken, the recovery may continue towards $0.0160 and $0.0165 (the broken trendline).  

TRX/USD, the four-hour chart


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