Price Analysis

TRON Faced a Massive Sell-Off Yet Rebounded Immediately to Trade Above $0.016 in Less than 24 Hours

Tron Foundation and CEO, Justin Sun have been rigorously and aggressively working behind promoting Tron and making the blockchain-based platform even more worthy and luminary. The developments that have been incorporated recently have given an edge to the network and are luring such evolutions in the process to widen the network and have a poised response from the networkers and investors towards TRX coin.

Important to highlight some of the tickers that the team and the foundation have accomplished, wherein it was just as the onset of the month on June 01, 2020, when Justin Sun, in an absolute scoop interview with Jinse Finance appreciated how Tron has come along way in the world of blockchain and assured that it will always remain committed to its underlying and linked technology. This is likely to keep the platform grounded with its sheer and major goal of boosting the ecosystem.

Alongside, TRX, in one of its articles titled, “Ten Evidence that Tron is Surpassing Ethereum,” on self-media @TRX TRON BLOCK, wrote that the platform had set a pattern for public chain development.

Moreover, the trading statistics have been startling enough to mention ho the market cap and trading volume of TRX coin have been rolling in the global crypto market amongst the number of altcoins. TRX coin has been performing amazingly well and is currently holding a market cap of $1.1 Billion and has a trading volume of $1.5 billion. Tron is currently ranked at 17th position in the global crypto market and is one of the best performers amongst the top 20.

TRON Price Analysis

Tron News
TRX/USD Chart By TradingView

On the 2-hourly chart, TRX coin, at the time of penning down, was trading at $0.01643 against the US Dollar after retesting 2-week long support at $0.015265, yesterday. TRON, around the current trading level, is failing to retain support from 50-day and 200-day MA after the recent breakdown that happened over the past 24 hours. From trading above 61.80% Fib Retracement level to currently consolidating below 38.20% Fib Retracement level, Tron lost over 10% in minutes from $0.01728 to $0.01526, yesterday.

However, the rebound in the intraday has been commendable and is trading in green above $0.016. With an unprecedented blow of volatility, the market lost is gaining streak, including Bitcoin and many other altcoins.

While the day continued after the opening hours today, Tron price rebounded by over 7% in less than 24 hours. But, the 20-day Bollinger Bands laid are seen widening due to high volatility while TRX is attempting to cross above 38.20% Fib retracement level as it rebounds from the massive sell-off for the second time in the ongoing month until now.

The technicals are seen reclaiming bullish action after the selling pressure, now the RSI of TRON is at 41.83 and is seen rising from the utter bottom even below 30. The MACD of the TRX coin is also intersecting after the intraday momentum reversed the crash and rebounded by over 7%, awaiting bullish crossover.

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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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