TRON continues to be caught up in the uncertainty surrounding the cryptocurrency market, as it experienced a massive selloff in Tuesday/Wednesday’s trading sessions. TRXUSD is presently trading at 0.02060, down from last week’s highs of 0.03526.
Technical Plays for TRXUSD
TRXUSD is approaching the weekly support at 0.018929 (which is the December 2018 low. Selling volume is presently weaker than last week’s levels, which is in tandem with sellers being wary as prices approach support levels.
Initial resistance is seen at 0.022393. Price recovery which breaches this area to the upside opens the door for price to attain the next resistance at 0.026171. A breach above this level would invalidate the bearish sentiment.
Sentiment for TRXUSD is strongly bearish, and there is little standing in the way for price to hit the 0.018929 support. Expectation should be to sell on any short term rallies: the initial resistance at 0.022393 may be a good reference point for such rally shorts.Don’t miss a beat! Follow us on Twitter.