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TRX Price Analysis: Price Falters Beneath $0.027 on TRX/USD Weakness, Justin Sun Trust TRON’s Ability as an Ethereum Option for

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A bearish wave swept through the market in the prior day, due to negative news surrounding the cryptocurrency exchange, OKEx. Despite a wider market sell-off across the board TRON (TRX) downside reaction is varied trading higher at $0.0261 today from its opening price of $0.0257. Overall, the TRX/USD continues to trade below the MA 50 acting as a tentative downside resistance line formed from the high of October 2. After making a reflex recovery the price falters beneath $0.027 on TRX/USD weakness. Earlier this month, TRX which has a market cap of $1.85 billion surged to a high of $0.0286, despite weaker volatility it presently has a trading volume of $840.65 million in the last 24 hours. TRX is currently trading at $0.0259 and has been trading sideways for the past two weeks. Justin Sun, the CEO of the TRON network, trusts TRON ability as an Ethereum option for DeFi. TRON has already released cloned Ethereum decentralized Finance protocols, like JustSwap or JUST, the equivalent of Ethereum’s UniSwap and MakerDAO respectively.

*Despite a wider market sell-off across board TRON (TRX) downside reaction is varied trading higher at $0.0261 today from its opening price of $0.0257

*After making a reflex recovery the price falters beneath $0.0270 on TRX/USD weakness

*Justin Sun, the CEO of TRON network, trusts TRON ability as an Ethereum option for DeFi

Key Levels

Resistance Levels: $0.0370, $0.0330, $0.0300

Support Levels: $0.0240, $0.0220, $0.0180

TRX/USD Daily Chart: Ranging

TRX/USD Daily Chart

As identified on the daily chart, once the bears are inclined to remain in the driver’s seat, we might see them upsetting the $0.0240 zone soon, which supported the price on October 2nd. A precise plunge beneath that zone may encourage more bears into the activity, which could motivate for a test near the ascending trendline support.

A positive rebound beyond the high of October 2 at $0.0286 is needed to leave the bearish position and continue to push a bullish reversal. Over the past 2 weeks, TRX has been trading inside a parallel channel with the daily RSI overstretched, suggesting that bulls and bears are in a tussle to get the upper hand signaling that soon a massive price change will occur.

TRX/USD 4-Hour Chart: Bearish

TRX/USD 4-Hour Chart

On the flip side, shorter time frames, such as the 4-hour chart, suggest the traction in favor of the bears is evolving. On the prior day, the price plunged beneath the 4 hour MA 50 to the $0.0250 short-term horizontal support zone. The 4 hour RSI has shifted bearish and the intensity is increasing. All in all, the positioning of the MA 50 and MA 200 suggests that a massive directional shift is set for the TRX/USD pair.

A bullish breakout beyond the upper boundary of the $0.0270 parallel channel may probably drive TRX to $0.0300. While exchanging beyond the $0.0270 mark, the TRX/USD pair is only bullish; the main resistance is seen at the $0.0300 and $0.0330 level. If the TRX/USD pair exchanges beneath $0.0250, the $0.0240 and $0.0220 levels of support might be tested by sellers.

Note: Kryptomoney.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

Image Credit: Shutterstock

 10/17/2020

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