TRON Fundation fails to support TRX with massive buy back
- TRON Foundation performed massive buyback.
- The short-term technical picture implies that the sell-off may be extended.
TRON (TRX), the 14th largest cryptocurrency with the current market value of $1 billion, has lost over 2.5% of its value in recent 24 hours to trade at $0.0152 by the time of writing. While the downside movement was caused by a sell-off on the cryptocurrency market, TRON appears to be among of the biggest losers out of top-20 altcoins.
TRON buys TRX back
TRON Foundation proceeded with the Buy-Back plan announced back in May.
"In July 2019, TRON announced the $20 Million Buy-Back Plan. The 1st phase of 2019 as set out in the plan. Thank you for your support of #TRON. Next phase of the #TRX buy-back plan will be announced in due time based on development of TRON ecosystem,”TRON’s founder Justin Sun wrote in his twitter account.
TRON Foundation developers explained that the coins were needed to speed up the network development, launch new products and support TRX exchange rate. The company will continue buying back TRX coins; however, the timeline of the buybacks is not disclosed.
TRON’s technical picture
The buyback did little to support the coin’s price. TRX/USD peaked at $0.0161 on September 3 and has been sliding down ever since. The initial support is created by $0.0151, which is the lowest level since August 28. On the upside, the resistance awaits at $0.0157. It is created by a combination of SMA50 (Simple Moving Average) 4-hour and the middle line of 4-hour Bollinger Band.
TRX/USD, 4-hour chart
Author
Tanya Abrosimova
Independent Analyst
