- Tron price action limited in a wide range between the resistance at $0.01662 and support at $0.0150.
- The technical picture could remain drab a while longer as observed by the MACD’s bearish divergence.
Tron price is currently retreating from the intraday high at $0.01614. There was a sharp but brief reversal from Wednesday’s low at $0.01554. Amid the choppy market with support at $0.0150 and resistance at $0.01662, TRX/USD is exchanging hands at $0.01597.
Marginally below the prevailing market value ($0.01597) is the initial support provided by the 50 SMA in the 4-hour range. The sideways trading within the wide range is likely to last longer especially if the RSI continues with the pivotal movement around the average (50).
At the time of writing, the bears have more say as observed by the MACD. A bearish divergence from the MACD signals that losses would continue in the coming sessions. Other support areas to keep in mind include the 100 SMA currently holding the ground at $0.0148, $0.0140 and the major buyer congestion zone $0.0120.
TRX/USD 4-hour chart
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