Tron (TRX) Long-term Price Analysis - December 16

  • The $0.012 mark is still a strong support that needs to be broken if TRX’s price is to go lower.
  • A retest of said mark could see the crypto get to lower lows and lower highs for a while, before moving in favor of the bears.

TRXUSD Long-term Trend – Ranging

Distribution territories: $0.02, $0.024, $0.026

Accumulation territories: $0.008, $0.006, $0.004

Tron’s TRX token has been dropping against the US dollar and its price has already been rejected at various territories within its specific range in the last week. Currently, its range is between the $0.016 and $0.012 marks.

Tronn, TRXUSD, Cryptocompare chartTron Chart by TradingView

The cryptocurrency’s price has been trading along the 14-day SMA’s trend line. The 50-day SMA is currently located above the 14-day SMA. The Stochastic Oscillators appear to be crossing at range 40 and are starting to point north. This signal isn’t yet enough for traders to enter a long position, as there’s still a possibility they’ll get caught in a bull trap as the cryptocurrency hasn’t moved enough to assure its trend.

The price spike TRX saw on November 28 has been gradually erased by the bears’ force in the market. The $0.012 mark is still a strong support that needs to be broken if TRX’s price is to go lower. A retest of said mark could see the crypto get to lower lows and lower highs for a while, before moving in favor of the bears.

The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.

U.S. Treasury Secretary Steve Mnuchin 'Fine' With Launch of Facebook’s Libra

The secretary of the U.S. Treasury, Steve Mnuchin, has revealed he is “fine” with the launch of the Facebook-led cryptocurrency Libra, as long as the project follows strict financial rules.

According to a report published by Bloomberg, Mnuchin revealed his thoughts on the Libra cryptocurrency while speaking in a Washington, D.C. hearing of the House Financial Services Committee, responding to a question from a lawmaker. He was quoted as saying:

I’m fine if Facebook wants to create a digital currency, but they need to be fully compliant. In no way can this be used for terrorist financing.

Since Libra was announced back in June of this year, Mnuchin revealed he has met with Facebook various times to discuss regulatory concerns, something that slowed the cryptocurrency’s pace towards its launch, expected in 2020.

The cryptocurrency is set to be governed by the Libra Association, and is reportedly going to be backed by fiat currencies and short-term U.S. Treasury bonds. Its backing in terms of fiat is set to consist of the European euro (18%), the Japanese yen (14%), the British pound (11%) and the Singaporean dollar (7%).

During the hearing, Mnuchin also addressed the U.S. potentially developing its own digital currency, and noted that both he and Federal Reserve Chairman Jerome Powell don’t see a need for it in the near future. Mnuchin stated:

Powell and I have discussed this – we both agree that in the near future, in the next five years, we see no need for the Fed to issue a digital currency.

The European central bank, according to a report, may launch its own digital currency if cash usage drops and is the private sector fails to create an efficient solution for cross-border payments, which the financial institution deemed too expensive.

Featured image via Unsplash.