TRON, one of the top 20 cryptos of the global market, is seen trading in red, following the intraday market sentiment as noted, wherein the major cryptocurrency by market capitalization is also seen pulling back slightly. TRON is a cryptocurrency and a blockchain-based operating system that aims to lure major masses to its system, wherein the major attraction is dApps.
TRON is the best-decentralized project and the most famous blockchain for building and developing dApps and eliminates centralized platforms using the delegated PoS system. With an overdeveloped platform, its native cryptocurrency, TRX, has been receiving massive momentum and is, therefore, one of the most searched cryptocurrencies in the first week of December as per CoinMarketCap.
More stats for you!
Here are the 10 most search cryptocurrencies on CoinMarketCap over the last week.
— CoinMarketCap (@CoinMarketCap) December 6, 2020
Just when Ethereum is the massive altcoin as per the market capitalization, TRON is no less than highly comparative crypto. In this regard, the foremost altcoin, Ethereum, is just like owning an iPhone, while TRX is like holding an Android. The layman’s understanding here is that although Ethereum is the most lured investment, the majority are inclined towards investing in TRON or alike depending upon the amount invested and the return of investment aligned.
— eToro US (@eToroUS) December 7, 2020
The current price movement of TRX is not a turner, but we cannot ignore the fact that the coin has enough capability to restore and retrieve the lost traction. Read the below analysis to know more about the price momentum of TRX against the US Dollar.
TRON Price Analysis
At the press time, TRON price was spotted at $0.0301 after a gradual pullback from the recent high hit at the onset of the last trading month of the year. With crypto having taken over the traditional space for a decade now after Bitcoin’s breakthrough, TRON, having positioned amongst the top 20, is one of the achievements.
With the price correction from $0.034 at the month’s onset to currently trading at $0.0301, the TRX coin has lost a substantial amount, as much as 11% in 8 days. The current price of TRX/USD is seen breaching the lower 20-day Bollinger Bands, and the BB is seen squeezing, which shows a breakout sooner than later. The MACD chart shows a slight bearish crossover as the price plummets from the nearest high, and the RSI of the coin is lying at 42.83 with an inclination towards the oversold region on the 3-hourly chart due to the recent slash in demand.