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Crypto Technicals: TRON (TRX) under immense selling pressure, scam project allegations on Justin Sun weigh

Tue, 24 Dec 2019, 10:57 am UTC

TRX/USD chart - Trading View

Exchange - Bitfinex

Support: 0.0127 (Lower BB); Resistance: 0.0160 (50-DMA)

Technical Analysis: Bias Bearish

TRON (TRX) slumped overnight after founder Justin Sun was accused of promoting a Ponzi scheme.

A new game 'Just.Game' launched on the TRX blockchain on December 22 is being suspected to be a scam project, having the feature of a Ponzi scheme.

Allegations of a scam project reversed the trend for TRX/USD which erased gains from 3-week highs at 0.016 to close 8.18% lower at 0.0137 on Monday.

TRX/USD was extending weakness on the day, hit session lows at 0.0137 before paring some losses to trade at 0.0137 at 10:45 GMT.

Major trend in the pair is bearish. Upside capped at 50-DMA at 0.0160, pair slips below 21-EMA. Scope for more weakness to follow.

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