TRON Corrects Downsides by Over 40% in Less Than 30 Days

TRON is not just widely accepted due to its TRX coin that is trading amongst the top 15 cryptos of the global market but because its blockchain is loaded with beneficial products that are growing into an ecosystem. Alongside this, the TRX token has gained enough impetus and investors’ attention over and is now ranked amongst the lucrative tokens of the year so far.

In this regard, TRX coin and its blockchain are compared to many other top tokens, including the major altcoin by market capitalization—Ethereum. Moreover, these newest blockchains are coming up with major transitions that will lead to sustainability over the period of time in place of 1st and 2nd generation cryptos.

The platform has been gaining enough traction, which has benefitted the token too. In this regard, the native currency of TRON is now listed for trading on the HedgeTrade social trading platform.

The price dynamics of the TRX coin draw a skeptical overview against the US Dollar as the intraday appears promising over the past two days with bullish candles viewed breaching the 50% fib level on the daily chart. However, the YTD movement of TRX/USD is still bearish as the recent gain draws negligible change.

TRON Price Analysis

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TRX/USD Chart By TradingView

TRON, at the time of penning down this analysis, was trading at $0.0281 after gaining momentum from the daily lows of $0.0243. With the recent gain in traction, the TRX coin has regained the lost support from MA50 at $0.0276 while continues to hold MA200 support at $0.0183 on the daily chart.

From trading to breaching the lower Bollinger Band, TRON is now shifting towards the bullish crossover with daily positive crossover. Moreover, it was just at the onset of the month when TRX price marked a fresh YTD high at $0.0493 just when the most lucrative cryptos, including Bitcoin, were also crashing. However, the TRX coin experienced the set back too, thereafter and while we approach the end of the month, it has lost over 40% in less than 30 days.

In this regard, the MACD indicator draws a bearish divergence on the daily chart due to stringent downside correction over the past 25 days. The RSI of TRON is seen rising from the bottom due to intraday strengthening and is currently lying at 50.22. As per TRON price prediction, the coin might reflect recovery in the near term despite the bearish technical outlook.

Mehak Punjabi

Mehak Punjabi is a post graduate in MBA with specialization in Finance and has joined CryptonewsZ with a skill building view in the world of cryptocurrency and blockchain. She is dynamic and a quick learner with a hold on financial analysis.

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