TRON Price Analysis: TRX/USD faces a strong resistance at $0.01400
- TRX/USD has barely changed in the recent 24 hours.
- The critical upside barrier is created by a combination of technical levels at $0.0140.
TRX is the 16th largest digital asset with the current market value of $907 million. The coin has settled at $0.0136 and stayed mostly unchanged since the beginning of Thursday and on a day-to-day basis. TRX/USD hit the intraday low at $0.0130 on April 8 but managed to regain the ground amid improved sentiments.
TRX/USD: Technical picture
TRX/USD has been moving inside a tight range recently. The coin hit the top at $0.0140 on April 7 and dropped to $0.0130 on April 8. Since that time TRX/USD has settled in the middle of the range $0.0140-$0.0130 and stayed pretty directionless.
On the downside, the initial support is created by the middle line of 4-hour Bollinger Band at $0.0135, which served as an upward-looking support line since April 2. Once it is out of the way, the sell-off is likely to gain traction with the next focus on the lower boundary of the above-mentioned range ($0.0130) followed by a 4-hour SMA at $0.0126.
TRX/USD 1-hour chart
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On the upside, the first barrier is created by the intraday high of $0.0138. It is followed by daily SMA50 at psychological $0.0140 that stopped the recovery on April 7. A sustainable move above this barrier will create an additional bullish trigger and push the price towards a combination of daily SMA100 and SMA200 clustered around $0.0160. The coin has been trading below this level since the beginning of March. If it is broken, the price may extend the recovery towards the long-term bullish target at $0.0200
TRX/USD daily chart
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Author
Tanya Abrosimova
Independent Analyst
