TRON (TRX) Price Prediction — Going Below $0.01 Soon?

Price Predictions
Fri, 03/13/2020 - 14:45
Denys Serhiichuk
Can TRON (TRX) show price growth among other altcoins?
Cover image via www.tradingview.com

After a sharp dump, some altcoins have started their correction wave. Mainly, Litecoin (LTC) has rocketed by more than 10% over the last day.

Top 10 coins by Coinstats

The rate of TRX has fallen by around 2% over the past 24 hours, however, the decline over the last week has been more profound.

TRX chart

Relevant data for TRON is below.

  • Name: TRON

  • Ticker: TRX

  • Market Cap: $683 846 714

  • Price: $0.010255

  • Volume (24h): $1 792 012 492

  • Change (24h): -0.35%

The data is relevant at press time.

TRX/USD: Bounce off the support zone at $0.01

Despite attempts to recover from the dump, the TRON (TRX) price has dropped by 40% over the last week.

TRX/USD chart by TradingView

On the 4H chart, TRX is forming short-term growth. It is too early to think about a trend reversal, however, growth to the next liquidity level of $0.12 is about to happen. Moreover, the coin is oversold enough and there are no more active sellers to push the price lower.

TRX/USD chart by TradingView

On a bigger time frame, the bearish trend has just begun. The Moving averages on the daily chart are starting to drop, as well as the MACD indicator, which is already located in the red zone.

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In this case, one can expect one more price drop to $0.006 before a correction wave upward.

TRX is trading at $0.0107 at press time.

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About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing & ICO Advisory, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.

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