- TRX/USD resumes correction from weekly highs on Saturday.
- Technical set up remains in favor of bears in the near-term.
- 0.1150 is the level to beat for a bullish reversal in TRX/USD.
TRON (TRX/USD), the 16th largest cryptocurrency with a current market capitalization of $0.72 billion and an average trading volume of $1.13 billion, extends its retreat from eight-day highs into a second straight session this Saturday. The coin is down nearly 14% over the last 24 hours, tracking a fresh selling-wave that hit the crypto space in the last hours. At the moment, TRX/USD trades near daily lows of 0.01070, having failed to take out the 0.01150 resistance on its recovery from Friday’s low of 0.01025.
TRX/USD, 1-hour chart
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The recent recovery lost legs at 50% Fibonacci retracement of Friday’s slide near 0.01150, where the horizontal 50-hourly Simple Moving Average (HMA) coincides.
Subsequently, bears fought back control and knocked-off the spot back below the 23.6% Fib level and 100-HMA confluence zone near 0.01080.
Hourly Relative Strength Index (RSI) slopes downwards below the mid-line at 50.0, backing the case for further declines.
Immediate support awaits at 200-HMA at 0.01037, below which Friday’s low of 0.01025 could be tested.
Alternatively, any bounce could run into supply near 0.01120 region, the intersection of bearish 21-HMA and 38.2% Fib level of the recent decline.
The bearish trend could reverse only on a sustained break above the aforementioned key resistance zone around 0.01150.
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