TRON Price Analysis: TRX/USD dangerously close to critical support of $0.0100.

• TRX/USD may extend the decline if $0.0100 is broken.
• Tron's ecosystem is gaining strength despite TRX price decrease.

TRX, now the 16th largest digital asset with the current market value of $704 million, has lost over 8% in the recent 24 hours amid the resumed sell-off on the global cryptocurrency market. The cryptocurrency of Justin Sun is changing hands at $0.0105 with neutral bias as the sell-off calmed down on approach to critical support levels.  

Tron ecosystem stats improve

According to the data, provided by TRON Scan service, the state of the ecosystem improves significantly during the previous week ending March 19. Thus, the number of total accounts created on TRON's blockchain exceeded 4/9 million, while the number of executed transactions reached 925 million. 

TRON is also gaining popularity as a platform for smart contracts. On the reported week the number of triggered smart contracts jumped to 797 million. Recently, Justalk project joined TRON's ecosystem and swapped JUS tokens onto TRC-20 on March 20.

TRX/USD: Technical picture

In the short-run, TRX/USD is supported by $0.0100. This psychological barrier served as a resistance level in the beginning of the previous week and now it has the potential to stop the decline. However, once it is broken, the sell-off may start snowballing and take the price towards the recent low of $0.0071 and the lower line of the daily Bollinger Band at $0.0063. This is critical support that is likely to serve as a jumping-off ground for TRX.

On the upside, a sustainable move above $0.0110 is needed to mitigate the initial bearish pressure and create a precondition for a further recovery towards $0.0127. This resistance is created by the middle line of the daily Bollinger Band and the recent recovery high hit on March 20. If it is cleared, $0.0130 will come into focus.

TRX/USD daily chart

 

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