The cryptocurrency market continued in its profit-taking bout as selling intensified on Monday partly due to contagion fears on the China Evergrande crisis. Just like the rest of the market, TRX slid to mark lows at $0.087 before a slight rebound to where it trades presently. At the time of post, TRON was exchanging hands at $0.0939, down 8.02% on the day. Justin Sun’s ”big news” has finally landed as VanEck TRON ETN (VTRX) has officially cleared approval to list on Europe’s largest stock exchange, Deutsche Borse with the trading debut set for September 21 on Xetra. Subsequently, VTRX is expected to be available in 14 EU countries, paving the way for access to other major European markets such as Zurich, Paris, and Amsterdam. The successful listing of VTRX comes on the heels of that of Bitcoin and Ethereum. It also marks a significant milestone in TRON’s effort to keep up with the evolving regulatory environment.
Key Levels
Resistance Levels: $0.1324, $0.1243, $0.1118
Support Levels: $0.0866, $0.0704, $0.0600
TRX/USD Daily Chart: Ranging
TRX/USD Daily Chart
TRX/USD plummeted to fresh lows of $0.087 earlier today, continuing the selling interest from the $0.124 Sept. 15 high. The pair also dropped beneath the MA 50 ($0.090) which recently made a bullish crossing with the MA 200 before making a slight rebound. Another move to the downside below the intraday low of $0.087 could cause the TRX/USD pair to touch down at the MA 200 located at the $0.085 level.
Further declines could open the way until the $0.074 bottom, registered on Sept. 7. In case of upside pressures, TRON could meet resistance at $0.124 before heading towards the $0.149 level. A successful run above this line could see a retest towards the $0.18 yearly high.
TRX/USD 4-Hour Chart: Ranging
TRX/USD 4-Hour Chart
TRX is currently creeping sideways, constricted beneath the MA 50 and 200, after the pullback from recently logged highs of $0.124. The RSI has slipped into the oversold area, slightly crossing below the 30 levels in the 4-hour chart. This may suggest the possibility of a relief rally for incoming sessions. In a positive scenario, the MA 200 at $0.096 may pose as an immediate barrier ahead of the MA 50 at $0.109.
Overrunning this, the TRX/USD pair may hit the $0.124 high before challenging the $0.14-$0.16 range. Alternatively, slipping under the $0.089 low, early support may arise from the $0.085 ahead of the $0.075 trough. Overall, Tron must retain the $0.087 support level while a breach of the $0.124 level may be necessary to pursue further upside gains. The possibility of a relief rally or at least a dead cat bounce exists as the RSI remains oversold.
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