- TRON’s TRX staged a recovery amid positive fundamental news.
- A strong support area is created on approach to $0.0151.
A cryptocurrency exchange Poloniex purchased a decentralized exchange (DEX) TRXMarket. The platform is based on TRON’s blockchain. It will continue working under Poloni DEX brand.
Poloniex considers the purchase as a strategic move towards closer integration with TRON’s ecosystem. TRXMarket has been one of the top-10 TRON-based decentralized applications.
The news appeared to be positive for TRX. The coin gained over 5% in recent 24 hours to trade at $0.0159 at the time of writing. Now it is the 11th largest digital asset with the current market value of $1.07 billion.
Looking technically, TRX/USD stopped on approach to the local resistance of $0.0165 (the upper line of 4-hour Bollinger Band). Once it is out of the way, the upside is likely to gain traction with the next focus on $0.0170 (SMA100 (Simple Moving Average) 4-hour) and $0.0182 (SMA200 4-hour).
On the downside, the sell-off may be limited by a combination of SMA50 and the middle line of the Bollinger Band on a 4-hour chart ($0.0151). If it is broken, the next support at $0.0140 will come into focus.
TRX/USD, 4-hour chart
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