- TRON’s TRX is the worst-performing altcoin out of top-20.
- The short-term technical picture implies that the sell-off may be resumed.
TRON (TRX) retreated to the 15th position in the global cryptocurrency rating. The coin has lost nearly 5% of its value in recent 24 hours. At the time of writing, TRX/USD is changing hands at $0.0149, off the intraday low reached at $0.0141. TRON appears to be among of the biggest losers out of top-20 altcoins.
TRON Foundation recently performed a massive TRX buyback to finance the project development and support TRX price; however, the coin resumed the sell-off after a short-lived recovery attempt.
Read also: TRON Foundation fails to support TRX with massive buyback
TRON’s technical picture
TRX/USD peaked at $0.0161 on September 3 and resumed the sell-off. The coin smashed several important support levels including $0.0151 and $0.0150 to trade at $0.0141 during early Asian hours. While the price has recovered towards $0.0149 by the time of writing, the short-term trend remains bearish as long as the coin stays under $0.0150.
The initial support is created by the recent low at $0.0111, which is the worst level since December 2018. If it is broken, the sell-off may be extended towards $0.0140. On the upside, we will need to see a sustainable move above $0.0150 for the recovery to gain traction with the first aim at $0.0155 created by SMA50 (Simple Moving Average) 4-hour and the middle line of 4-hour Bollinger Band.
TRX/USD, 4-hour chart
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