Tron (TRX) is trading in a choppy sideways mode on Monday, with near-term price action being weighed down by the present market indecision. At the time of publication, TRX was trading at $0.061, down 0.45% in the last 24 hours. Top cryptocurrency exchange, OKCoin Japan has announced the debut of TRON (TRX). To commemorate the start of this handling, OKCoin reveals it will hold a “1 million TRX mountain division campaign!” from Feb. 21 to Mar. 7. It notes that the campaign ends as soon as 1 million TRX runs out. Aside from this, TRX/USDT also went live on the Bybit exchange on Feb. 21. In early January, the TRON Foundation announced its restructuring as TRON DAO. This follows as TRON Foundation was officially dissolved on July 25, 2021.
Key Levels
Resistance Levels: $0.0955, $0.0866, $0.0716
Support Levels: $0.0600, $0.0510, $0.0463
TRX/USD Daily ChartTRX/USD pair confronts a tough wall near moving average (MA 50) since plunging in November 2021, raising worries the pullback from a high of $0.1313 could gain extra legs. Technically, the pair sustains a mild-ranging outlook as the latest sell-off has not successfully violated the low range between $0.0600 – $0.0500 levels.
That said, the falling MA 50 continues to increase its distance with the MA 200, feeding caution that a bearish pattern could still extend in the chart. In the meantime, the momentum indicators are not favoring bullish actions. The relative strength index (RSI) is decelerating under its 50 midlines. Any step above MA 50 could bolster buying appetite.
TRX/USD 4-Hour ChartTRX in early Feb. 2022 had transmitted a bearish reversal signal on the 4-hour chart known as the golden cross where the short-term moving average (MA 50) crossed over the moving average (MA 200) around the $0.0635 price hurdle. However, the 4-hour bullish MA 50 over the MA 200 suggests more advances in Tron are still on the table.
Meanwhile, Tron (TRX) continues to range in the near term amid growing risk aversion across the board. If the pair’s price continues to fade towards the $0.0600 vicinity, preliminary support could commence from the $0.0600 – $0.0500 zone. The low level of $0.0510 at the base of the consolidation would be the next support to watch out for.
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