Categories: Price Analysis

TRON Price Falls Below $0.030 After Spurring to $0.039

TRON Price Overview

TRON, one of the top 20 cryptos of the market, is seen trading with a positive sentiment just like any other altcoin of the market. The major example being XRP that has reclaimed its position amongst the top 3 major cryptos of the market against Tether.

At the same time, the TRX coin managed to spur as high as $0.0392 but unable to hold, the price pulled back below $0.030 at $0.0297. TRON price corrected by over 24% in two days from a lower high formed recently at the onset of the week to the current trading price. TRX is luring major impetus due to its worthy platform that is gaining a massive investor base leading to as high as 15 million accounts until the previous week.

With the platform attracting users, it was just yesterday when Poloniex customers gained access to Ethereum on TRON. As per the recent TRON news updates, with an extended facility of new multi-chain support, deposit and withdrawal of Ethereum on TRON are one of the noteworthy services.

This service of Ethereum on TRON holds a TRC20 token based on the latter with injecting the former’s value to the TRON network. Moreover, the conversion of Ethereum into this new TRC20 assets will be done with total guaranteed and credible acceptance.

Moreover, the TRON team and its CEO have been on their toes for a full-fledged amplification of the platform and its token to have mass adoption and secure a graded place amongst the market’s top cryptos.

TRON Price Analysis

TRX/USD Chart By TradingView

At the press time, TRX was seen trading slightly below $0.030 at $0.0297 after a clear rejection at the given lower high marked at the onset of the week at $0.039. Having faced a stringent resistance, TRON price failed to rise above $0.040 and corrected downwards by over 10% in a day to currently trading below major resistance then and support now at $0.030.

However, if we look at the trend of TRX/USD on the daily chart, we see that the pair was drawing an uptrend until the previous quarter when it hit a YTD high at $0.049. However, the altcoin was spiked but failed to reclaim YTD high and above just when other alts like Cardano, Stellar, XRP, etc., were seen breaching major 2-year resistances.

The technical indicators reflect positive sentiments and bullish crossovers due to the recent price hike, along with a slight reflection of price pullback below $0.030.

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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