The crypto market, since March this year, keeps meeting monstrous hurdles on its way to upside rally. It was just yesterday when BTC coin made a few strides above $10,000, taking the market significantly up, and to the shock of many, it has seen a noticeable collapse today.
TRX coin reflected a sharp pullback yesterday as the market took a sudden bearish turn. This has caused the coin to washout its one-week gains. TRON price was trading above $0.0170 since opening, and it escalated to trade above $0.0175, but it saw rejection at $0.0173.
The currency is now attempting to step out of the bearish zone proactively. TRX’s aggressive yet steady recovery has taken the price above $0.0164, where it is testing resistance. The 8.85% of price decline made TRON coin to find a support level at $0.0158.
Right now, the TRX price is trading above the 38.20% fib level with an approach to recover. The currency may face resistance at $0.0170 before it reclaims a $0.0175 price level. It is to be seen when the full recovery takes place.
TRON is holding bullish technicals for now, except for the simple moving averages. The coin is slightly above the 200-day EMA line with a positively moving MACD indicator.