TRON [TRX] all set to retest key resistance at $0.0285: Technical Analysis
After witnessing a bad start to the week, the cryptocurrency market showed some resilience and tried to recover some of the losses. The crypto winter it seems is not over yet as the market continues to struggle under the bearish spell. Many critics believe that the cryptocurrency market will show more gains in the future if the leader of the pack, Bitcoin holds on to the $3400 mark. At the time of print Bitcoin is trading at $3481.89, up by 0.61 percent. The total market cap of the crypto industry stands at $114.2 billion which is a big improvement on the figure that was at the start of the week. At the time of print, TRX is trading at $0.026253, which is up by 0.63 percent. Currently TRX is the eighth largest currency in terms of market cap and its total market cap stands at $1.7 billion.
At the time of print, the cryptocurrency is in a bearish trend in the short-term outlook. The coin has found support at $0.0242 and is trading above it at $0.0267. The key resistance level stands at $0.0285 and the bulls are pushing the coin to retest the area. The bulls made their presence felt for a short while after yesterday’s opening but soon after that the bears staged a comeback and TRX dropped to $0.0245. The hourly RSI indicator stands at 52.9190 and is fast approaching the overbought region due to intense selling pressure in the market. Furthermore, the MACD shows that the coin is in the bearish zone and the 100 EMA line suggests an upward trend.
At the time of press, TRX is down by 0.02 percent and one TRX is equivalent to 0.00000754 BTC.
In an interesting development last month, TRON shared BitTorrent (BTT) airdrop timeline for it would rewarding the TRON (TRX)holders. The move came soon after their successful niTron Summit 2019. TRON founder, Justin Sun, shared the news on Twitter stating, “On February 11th, 2019, the BitTorrent Foundation will initiate its first airdrop of BitTorrent $BTT to the TRON $TRX holders.”
In another move last month, the eighth largest cryptocurrency in terms of market cap announced that it is open for perpetual swap trading on OKEx.
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