Tanya Abrosimova
Independent Analyst
- TRON's TRX slows down after a sharp increase to a new multi-year high of $0.0373
- The upside movement may be resumed after a short-term correction.
TRON's TRX is gaining ground rapidly. The coin hit the intraday high at $0.0373 At the time of writing, XRP/USD is changing hands at $0.0363, which is over 20% higher from this time on Monday, September 1. TRON is now the 13th largest digital asset with the current market capitalization of $2.59 billion and an average daily trading volume of $2.85 billion, which is 300% higher from the levels registered at the end of August.
Earlier, FXStreet reported that TRON's founder Justin Sun launched its DeFi-project where TRX stakers will receive rewards in SUN coin. The news project may support TRX bullish momentum for the time being. Also among the recent developments, TRON's partnership with Band Protocol.
TRX/USD: The technical picture
TRX/USD topped at $0.0373 during early Asian hours and started the downside correction from overbought territory. The RSI on the intraday charts has reversed to the downside, signaling that the price is ripe for the retreat with the first aim at $0.0340. This local support is created by the middle line of the 1-hour Bollinger Band and the upper line of the daily Bollinger Band; Once it is out of the way, the sell-off is likely to gain traction with the next focus on the psychological $0.0300 that has a potential to slow down the bears and trigger a new bullish wave.
If $0.0300 is verified as a support, the recovery may gain traction and take the price towards the $0.0400 for the first time since July 2019. Notably, neither weekly nor daily RSI sends the reversal signals as of yet, which means TRX/USD is well-positioned for the further upside after a short-lived technical correction.
TRX/USD daily chart
 (3)-637346289670481935.png)
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Is Altcoin Season here as Bitcoin reaches a new all-time high?
Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.
Shanghai court confirms legal recognition of crypto ownership
A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.
BTC hits an all-time high above $97,850, inches away from the $100K mark
Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.