TRXUSD Extends Losses in Wednesday’s Trading

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Written By: Eno Eteng (MSTA)

Jul 17, 2019, 13:58 BST 13:58

Summary:

TRON is experiencing a massive sellof as concerns over the pronouncements on Libra and other cryptocurrencues at the G7 meeting weigh heavily on cryptos.

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.

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Written By: Eno Eteng (MSTA)

Eno is a certified financial technician and member of the UK Society of Technical Analysts. He loves to trade and write about stocks, Forex, and CFDs. Since 2009, he has consulted several financial companies as a trader and strategy developer. His work can be seen on several forex blogs and trading educational websites.