- Tron price has been in a strong bearish trend in the past few days.
- There are concerns that the coin will continue falling.
Tron price crashed to the lowest level since June 20 as cryptocurrencies retreated. TRX dropped to a low of $0.060, which was about 18% below the highest level this month. As a result, its total market cap dropped to more than $5.5 billion, making it the 15th biggest cryptocurrency in the world.
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Tron is a leading blockchain project that was started by Justin Sun. It is a blockchain operating system that handles billions of dollars every day.
Tron is one of the most active cryptocurrencies in the world. According to its website, it has over 112 million total accounts and has handled over 3.8 billion transactions.
Tron has a strong market share in key industries like Decentralized Finance (DeFi) and non-fungible tokens (NFT). In the NFT industry, it owns APENFT marketplace, where people can create, discover, and trade NFTs. It is one of the top alternatives to MagicEden and OpenSea.
Tron is also the second-biggest DeFi platform in the world. It has a total value locked (TVL) of over $5.35 billion. It is only second to Ethereum and is bigger than leading projects like BNB Chain and Avalanche. Some of the top apps in its ecosystem are JustLend, Sun, JustStables, and SocialSwap among others.
Tron also came into the spotlight after the launch of USDD, its algorithmic stablecoin. After experiencing strong growth in its early days, USDD’s market cap has remained at $725 million in the past few months.
Tron price has crashed in the past few days even after the network launched the third season of its Grand Hackathon. Developers competing for the agency are competing for $1.2 million. This decline is in line with the performance of other cryptocurrencies like ETH, BTC, and SOL.
Tron price prediction
The daily chart shows that the TRX price has been in a strong bearish trend in the past few days. It has crashed below the 25-day and 50-day moving averages. At the same time, it has formed a descending channel that is shown in black. The Relative Strength Index (RSI) has moved below the neutral level of 50.
Therefore, there is a likelihood that Tron price will continue falling as sellers target the next key support level at $0.50. This price is about 16.45% below the current level. A move above the resistance point at $0.063 will invalidate the bearish view.
