TRON and its founder, Justin Sun, have always made it to the headlines in the past. Sometime last month, Sun was accused of making public comments and cancelling famous meetings trying to pump the price of the TRON token. In the last incident, he shared some new data on the growth of TRON-based dApps’ monetary volume. That time around, the TRON community accused him of failing to make the TRX price grow.
It now seems like they were right as the token continues to slide in the global crypto ratings. TRON (TRX) has now retreated to the 14th position. The coin has lost over 3% of its value in the past 24 hours. Currently, TRX/USD is trading at $0.0149 bouncing off the intraday low that bottomed at $0.0141. TRON is the biggest loser among the top 20 altcoins.
The TRON Foundation recently performed a major TRX buyback trying to finance the project development while simultaneously supporting the TRX price. But, the coin resumed its sell-off after a temporal recovery attempt.
The token peaked at $0.0161 on September 3 before resuming its sell-off. TRX has not obliterated several important support levels that include $0.0151 and $0.0150 to bottom at $0.0141 during early Asian hours. Even though the price is on a recovery route currently hovering around $0.0149, the short-term trend is still bearish. For the trend to change, the coin must close above $0.0150.
The initial support is developed by the recent low standing at $0.0141. That is the worst level since December 2018. It that is smashed, the sell-off may extend to $0.0140. On the upside, a sustainable move must develop above $0.0150 for recovery to gain traction. The first major resistance has formed at $0.0155 that was created by the middle line of 4-hour Bollinger Band and SMA50 (Simple Moving Average) 4-hour.
Whether TRX surges or plummets further, only time has the answer to that.
John is a content crafter and has experience in writing Forex and Crypto news for FXTimes for over a year. He is also an experienced creative and technical writer, and is usually one of the first ones to publish, discover or cover a scoop. e-mail: [email protected]