TRON Price Analysis: TRX/USD stalled under $0.0132, vulnerable to the downside correction

• TRX/USD hovers around $0.0131, having gained nearly 10%
• Tron has published a regular weekly report.

TRX is the 14th largest digital asset with the current market value of $870 million. The coin has gained nearly 10% of its value in the recent 24 hours to trade at has settled at $0.0131 and stayed mostly since the beginning of Monday.  TRX/USD hit the intraday low at $0.0132 on Sunday but failed to hold the ground despite the improved sentiments on the cryptocurrency market.

Tron publishes a weekly report

TRON Foundation published weekly statistics that reflected the improvement of many network parameters. Thus the block height reached 18.49 million, while the total amount of nodes reached 843. Also the network added over 50,000 new addresses and two dApps. Now there are 727 dApps running in Tron’s blockchain.

Apart from that, the US)based cryptocurrency exchange Poloniex launched the platform for token sales where TRX will be the only legit cryptocurrency. 

TRX/USD: Technical picture

TRX/USD has recovered above the upper line of the 4-hour Bollinger Band, white the RSI settled on the overbought territiroy. These developments might signal the imminent short-term correction with the first aim at $0.0128 ( the middle line of the 1-hour Bollinger Band and $0.0123 (SMA50 1-hour). Once it is out of the way, the downside momentum is likely to gain traction with the next focus on the psychological support of  $0.01200.

TRX/USD 1-hour chart

 On the upside, the critical barrier for TRX is created by psychological $0.0140. This area is followed by SMA50 daily at $0.0144 and a combination of SMA200 and SMA100 daily at $0.0160. The coin has been trading below this level since the beginning of March. If it is broken, the  price may extend the recovery towards the long-term bullish target at $0.0200 

TRX/USD daily chart