Tron price analysis: TRX/USD attempts a recovery to celebrate a launch of a new portal for developers

• TRON is backed by 1-hour SMAs on approach to $0.0220.
• Tron Foundation launches new portal for developers.

Tron, now the 13th largest digital coin by market capitalization, is changing hands at $0.0225. The coin has slipped from Thursday’s high of $0.0236, but the downside momentum is contained for now. TRX/USD gained 2% since this time yesterday and stayed unchanged since the beginning of Thursday. Tron’s market cap is registered at $1.4B, average daily trading volume is at the rate of $154M.

What’s going on

Tron Foundation has launched its new portal for developers, which might have served as a short-term positive catalyst for the coin during early Asian hours

“We have a brand new documentation website for #developers! Go to https://developers.tron.network/ to check out all the new tools and learn how to use them. The site is optimized to be user friendly with a search function. ” Tron Foundation posted in the Twitter account.

Tron’s technical picture

From the technical point of view, TRX/USD is well-supported by a confluence of short-term SMA levels located on the way to $0.0220. If it is cleared, the downside may be extended towards $0.0212 (October 3 low) and $0.02 (psychological level). On the upside, $0.0230 handle needs to be taken out for further recovery to gain traction with the initial aim at $0.0262 (September 21 high) and $0.274 (DMA100)