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

By Anupama Grandhi

Canonical URL: https://www.tokenpost.com/news/investing/4617
Published: 2019-12-24T10:57:49.000Z
Updated: 2019-12-24T10:57:49.000Z
Section: Investing

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

[TRX/USD](<https://www.tradingview.com/symbols/TRXUSD/>) 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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## Links in this article

- [TRX/USD](https://www.tradingview.com/symbols/TRXUSD/)
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