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TRON price analysis: TRX/USD mired in a range under $0.02

  • TRON’s TRX has stuck in a tight range.
  • The recovery is limited by the psychological $2.0.

TRX/USD, the 11th largest digital asset, has gained 1.2% in recent 24 hours to trade at $0.0193 at the time of writing. The coin has been range-bound recently as the recovery is capped by a psychological $0.0200. The recently announced news that the coin is added to Poloniex failed to provide a boost for TRX.

Read also:  TRON to be listed on Poloniex, TRX/USD stops within a whisker of $0.02

TRX/USD, the technical picture

On the daily chart, psychological $0.0200 strengthened by SMA100 (Simple Moving Average) 4-hour creates a formidable resistance for TRX/USD. The coin attempted to clear the resistance on Tuesday but bumped into fresh selling orders clustered around this barrier. We will need to see a sustainable move above $0.0200 for the upside to gain traction with the next focus on  $0.0215 (the upper line of daily Bollinger Band), and SMA200 (Simple Moving Average) daily at $0.0230.  

On the downside, the initial support is created by Tuesday’s low of $0.0189 closely followed by November low at $0.0184. Once it is out of the way, the sell-off is likely to continue with the next focus on  $0.0170 ( the lower line of the Bollinger Band daily at $0.0174 and SMA100 (Simple Moving Average) at $0.0169).  

TRX/USD, 1-day chart


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