Tron is one of several cryptocurrencies in the industry pulling support following the selloff witnessed in the late EU into the U.S. session on the entire crypto sphere. Together all crypto majors exchange in red while most of the Altcoins are already down. TRON (TRX) price is losing value near $0.014 over the past 24hrs, with little support for the Altcoin. TRX dropped 5.76 percent against the US dollar. TRX/USD had maintained much above $0.0150 key level before the drop, while its uptrend capped beneath $0.016. JUST Foundation, the governing arm of JUST, a decentralized finance (DeFi) platform launched by Justin Sun, has subjected the participants of the Tron community to an airdrop. The airdrop that saw 217,800,000 Only (JST) tokens distributed was only available for participants with more than 100 TRXs. This airdrop is one of four, expected to take place until October 2022.
*TRON (TRX) price is losing value near $0.014 over the past 24hrs, with little support for the Altcoin
*TRX/USD had maintained much above $0.0150 key level before the drop, while its uptrend capped beneath $0.016
*The members of the Tron community were subjected to an airdrop organized by JUST Foundation
Resistance Levels: $0.0200, $0.0180, $0.0160
Support level: $0.0133 $0.0120, $0.0100
TRX/USD Daily Chart: Ranging
TRX/USD Daily Chart
TRX/USD cracks beneath MA 50 and this is slightly beneath market value, TRX/USD is supported by the ascending trendline. Technically, Tron is primed for horizontal trading and consolidation, but the RSI moves down to the oversold zone. The MA 200, on the other hand, holds ground in the positive area, suggesting buying power remains apparent.
TRX reported its breakdown at low after exchanging beneath $0.014 low level over the previous session. The market found support at the ascending trendline region after trading as low as 0.0136 throughout the day. Selling may intensify, while still in consolidation, should price drop underneath the near-by swing low at 0.0133 support zone where more selling stops could be triggered.
TRX/USD 4-Hour Chart: Ranging
TRX/USD 4-Hour Chart
The short-term moving average tends to work towards closing the divide in both MA 50 and MA 200 on the 4-Hour time frame. It’s fair from a technical viewpoint to suggest that in the near term, TRX/USD is dominated by bears. TRX/USD is down, as the market strives closer to support to contain the current declines. Nevertheless, if the pressure to sell persists, the horizontal support level of $0.0133 and $0.0120 may stand for the market.
The price of Tron may well test the previous resistance at $0.016, $0.017, and $0.018, accordingly. As of now, after seeing a decline in Tron’s price today, the RSI has dropped to over-sold levels and may lead to a bounce higher. Besides, once the bears halt and validate as a convergence zone for buyers, we may see price head for the north before the weekends.
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