Tron’s Price Analysis: TRX/USD may recover towards $0.0171

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  • TRON’s Justin Sun had another lunch with crypto celebrity.
  • TRX/USD is moving inside the downside channel.

TRON’s TRX, now the 12th largest digital asset with the current market value of $1 billion, has lost about 1.5% in recent 24 hours. The coin has been moving in sync with the market amid growing bearish sentiments. Tron’s 7-day volatility peaked at 25.98% on January 10 and retreated to 18.5% by the time of writing. TRX/USD is changing hands at $0.0164, off the recent low of $0.0156.

Justin Sun and Charlie Lee

Tron’s creator Justin Sun announced the meeting with Litecoin’s founder Charlie Lee. He said that they had discussed Bitcoin, Litecoin and Tron and “some secrets”. The reference to the mystery, secrecy and mystifications are very typical to Sun. However, usually, all his super-secret projects and news are grossly overestimated, that’s why they produce little effect on the community sentiments.  
     

Meeting @SatoshiLite. Talking about #Bitcoin, #Litecoin, #TRON & some secrets.

Notably, earlier this week Justin Sun met with Apple’s co-founder Steve Wozniak. The date of the postponed dinner with Buffet remains unknown.

Also, Charlie Lee suggested that miners should donate 1% of their block rewards to the system. 

TRX/USD: technical picture

On the intraday charts. TRX/USD is moving within a downward channel with the upper boundary currently at $0.0171 and the lower border a $0.0156. Considering an upward-looking RSI on 4-hour chart, we may suggest that the coin is poised for a further recovery towards the upper boundary of the said channel.

On the downside, a sustainable move below $0.0162, reinforced by SMA100 4-hour, will open up the way towards $0.0160 and the recent low of $0.0156.

TRX/USD 4-hour chart

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