TRON Price Analysis: TRX/USD paralyzed in the range as  Tron announces partnership with Metal Pay

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  • TRX/USD hovers around $0.0113, unchanged in recent 24 hours.
  • Tron’s partnership with Metal Pay gives access to TRX purchases with USD.

TRX, now the 17th largest digital asset with the current market value of $755 million, has settled at $0.0113 and stayed mostly unchanged both on a day-to-day basis and since the beginning of Thursday.  TRX/USD is moving in sync with the market, now range-bound after some sharp movements at the beginning of the week.

Tron Partners with Metal Pay 

Tron Foundation announced a partnership with a remittance platform Metal Pay to allow US citizens to purchase TRX with USD. 

Metal Pay is a digital money remittance service that deals both with fiat and digital cryptocurrencies. The partnership is aimed at offering the US citizens an easy access to TRX, which can be bought via the Metal Pay app with a debit card or a checking account. Apart from TRX, the app support all major cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and the native token of the platform MTL.

The Metal Pay CEO, Marshall Hayner commented:

I believe that TRON shows incredible promise for blockchain technology and decentralized systems, and I’m excited about the chance to work with them as we build the future.

Hayner also emphasized the importance of being able to send cash digitally between friends and family members during lockdown and quarantine.

TRX/USD: Technical picture

TRX/USD is stuck in a tight range with the upper boundary created by the middle line of the daily Bollinger Band at $0.01180. Once it is out of the way, the upside is likely to gain traction and take the price to the psychological resistance of  $0.01200. The next barrier is created by the recent recovery high of March 20 at $0.0127. A sustainable move higher will open up the way towards $0.0130. Meanwhile, the long-term resistance comes at $0.01630. It is created by a strong confluence of SMA100 and SMA200 and the upper line of Bollinger Band on a daily chart. 

 On the downside, the critical barrier for TRX is created by $0.0100. The bears made several attempts to push the price below this level, to no avail. As a result this area emerged as strong initial support for the coin. If it is broken, the downside momentum may grow stronger and take the price towards the recent low of $0.0071 and the lower line of the daily Bollinger Band at $0.0063. 

TRX/USD daily chart

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