Tron Market Update: TRX/USD bulls must defend ascending channel support at all costs
- Tron price battles resistance at two-month descending trendline.
- The channel support is place to prevent possible breakdown to $0.0100 tentative support area.
The Tron community is gradually getting accustomed to drab price actions following the massive in March following the Coronavirus triggered selloff in both the cryptocurrency market and the traditional markets such as stocks and commodities. Amidst the minor price actions, TRX/USD has been able to nurture an uptrend within an ascending channel. However, recovery lost its mojo at $0.0140 giving way to the ongoing retracement.
In the meantime, TRX/USD is trading at $0.0121. It battling resistance from a long-term descending trendline as well as the 50 SMA in the 2-hour range. Moreover, the 100 SMA is above the 50 SMA, signaling a stronger bearish grip.
Consequently, the RSI has retreated into the oversold region, reminiscent of the selling activities threating to break the support at $0.0120. It is essential that that buyers guard the channel support at all costs otherwise a breakdown to $0.0100 seems imminent in the coming sessions.
TRX/USD 2-hour chart
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Author
John Isige
FXStreet
John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren
