The world of cryptocurrency is always evolving. New currencies rise to the top and others are left in the dust on a regular basis. For TRON, the past week has not been easy whatsoever. A major price correction is more than warranted at this stage, as things moved up far too quickly. Right now, we are looking at a TRON price of US$0.087, even though it dipped below US$0.075 earlier today.
TRON Price Continues to Struggle for Stability
For those people who purchased TRON at its all-time high of over US$0.26, the past week has been an absolute nightmare. Although signs of weakness started becoming apparent seven days ago, many holders expected this altcoin to simply maintain its value. In the cryptocurrency world, price corrections can be extremely steep and violent. As for TRON, it lost 50% of its value in the past seven days, even though a small comeback appears to be underway as we speak.
More specifically, there have been a few attempts to keep the TRON price stable. Such efforts were noted at US$0.1125 and US$0.10, but both attempts were rejected rather quickly. For some reason, the market wants to drive the TRON price back down even further and keep its market cap in check. Speaking of which, this altcoin’s market cap is now down to US$5.73 billion, down from the US$16.5 billion of early January.
With no stable floor in sight, it is impossible to tell how low the TRON price could go in the coming days. Right now, the lowest price point of this past week was US$0.0677, but it seems the market is slowly recovering. Whether or not this means the community can expect a push to US$0.10 again remains to be seen, though. There is still plenty of bearish pressure on all cryptocurrency markets right now, and TRON is no exception.
It appears that the TRON trading volume has also taken a big hit over the past few days. Although US$944.63 million in 24-hour volume is still more than respectable, it’s also a lot lower than what we have seen in the past two weeks. All of these signs indicate that a lot of the TRON hype has disappeared, bringing the price down with it. It’s equally possible that “the rocket is refueling”, as altcoin enthusiasts like to say these days.
With nearly 70% of all trades still originating from Binance, it’s not hard to see who is controlling the TRON markets right now. Binance represents US$660 million worth of trades over the past 24 hours. The third platform on the list is Coinnest, but its price is excluded from the global average on CoinMarketCap. No other exchanges come even remotely close to generating any respectable trading volume for this altcoin. Nor are there any fiat currency gateways to speak of, other than Coinnest’s KRW pair and the various USDT pairs on smaller exchanges.
For the time being, it remains unclear what the future might hold for the TRON price. We can all agree that things are looking less than stellar right now, but one should never say never in the world of cryptocurrencies. Corrections and bounces are often very closely related and can occur in quick succession. So far, the TRON price has failed to bounce in a significant manner, but things could change in the coming hours and days. All it would take is a healthy Bitcoin bounce to restore all markets to their former glory.