TRON Price Analysis: TRON (TRX) Drops by Nearly 10%

TRON price analysis
TRON Price Analysis: TRON (TRX) Drops by Nearly 10%
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TRON (TRX) price is once again seeing losses after experiencing a minor surge which brought its price to $0.027. While most cryptocurrencies recently got caught up in the bullish trend, TRON was less affected, only growing by a fraction of a cent.

However, on February 24th, the bulls suddenly retracted, allowing the bearish market to return in full swing.  While TRX is far from being the largest loser on the list of top ten largest coins by market cap, it certainly got affected, and it is currently seeing 9.27% drop in price, according to CoinMarketCap.

TRON’s growth was suddenly cut short

The bullish momentum that lasted for over a week encouraged numerous investors to return to the market and buy cryptocurrency. TRON was surprisingly unaffected by the positive momentum for a long time, keeping its price stable while $0.026 acted as a major resistance that kept the coin down.

However, TRX also managed to remain above $0.024 during the past week, which was its first major support. Its value mostly remained at around $0.024923, with minor ups and downs.

While this latest period did seem a bit stagnant and uneventful, TRX has actually been seeing quite a lot of growth in the past three months. Starting on December 16th, 2018, the coin managed to more than double its price, reaching its highest point in 2019 on January 10th, when it went over $0.0300.

TRON price analysis 1
Source: CoinMarketCap

This was followed by a drop to $0.021 on January 13th, which was when the price started going up once more. TRX exceeded $0.0300 for the second time on January 27th, only a day before BitTorrent (BTT) was launched on Binance Launchpad.

The BTT token sale was a huge success, although TRX reacted by experiencing drops with attempts to reach stability, which can be seen on a monthly chart.

TRON price analysis 2
Source: CoinMarketCap

As mentioned, the coin’s price was mostly stable for the past seven days, with only minor fluctuations. However, this started changing on February 23rd, when it appeared that the bullish trend finally included TRX as well. The coin started growing once more, peaking on February 24th with the price of $0.02713.

TRON price analysis 3
Source: CoinMarketCap

However, this was not a long-lasting surge, as the coin’s price started dropping soon afterward. The bullish trend withdrew, allowing the bears to swing a major hit at the crypto market, with freshly awoken TRON suffering as well. Its price quickly breached several supports, even dropping below $0.02400. It also reached its lowest point in the last 30 days by sinking to $0.023031. However, the recovery started almost immediately after this point was reached, and the coin climbed above $0.02400 once again.

At the time of writing, the TRX price is $0.024346. While the bears tried to bring the price below $0.024 level several times after the coin climbed back up, the support is holding, at least for now.

Meanwhile, the rest of the market sees large drops as well, with almost every crypto among the 100 largest coins trading in the red. A large number of them has lost over 10% or more in the last 24 hours, indicating that the return of the bears was both strong and unexpected.

It is unknown when might the bears loosen their grip, although TRX appears to be holding its own at the moment. The coin is still occupying the 9th spot on the top 10 list, although Binance Coin (BNB) is not far behind when it comes to the size of its market cap. Meanwhile, TRX is much closer to Stellar (XLM) in terms of market cap, and any potential recovery might lead to TRON’s ascension on the ladder.

About Ali Raza

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A journalist, with experience in web journalism and marketing. Ali holds a master degree in finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of cryptocurrency publications.