The good old saying “when it rains, it pours” is certainly applicable to cryptocurrencies. Every time Bitcoin sheds value, the rest of the market will turn into a sea of red. Even without Bitcoin’s shenanigans, the Tron price has no momentum right now. In fact, it keeps dropping even further as time progresses. The latest Tron price decline comes in the form of another 22.67% setback over the past 24 hours.
What is the Deal With the TRON Price?
That is the question a lot of people are asking themselves right now. That’s because there has been zero positive momentum all week long, and it seems things will only get worse as more time progresses. Thanks to a 22.067% dip over the past 24 hours, it is evident all of the momentum elevating Tron into the cryptocurrency top 10 has suddenly turned against this project. Given its lack of a working product, that is only to be expected at this point in time.
It is quite interesting to see how things have evolved for the Tron price. The currency shot into the market cap top 10 all of a sudden, even though no one could exactly explain why this was happening. Moreover, this sudden rise to the top eventually turned against the project, as a correction was more than needed at some point. It seems that correction is setting in right now, pushing the Tron price back down to the range where it belongs at this stage in its development.
Indeed, the Tron price took a massive hit against USD, BTC, and ETH. Its losses against Bitcoin are the least troublesome, although we are still talking about a 19.2% retracement over the past 24 hours. Moreover, the loss against ETH is over 30%, which is pretty spectacular. As a result, the 22.67% decline against the dollar was only to be expected. Right now, the Tron price is clinging to US$0.11, but that level will not turn into solid support anytime soon, by the look of things.
Even though Tron still has over US$1.5 billion in 24-hour trading volume, no one can deny that this mainly represents selling pressure across all exchanges. People are looking to flee the sinking ship and put their money into far more deserving currencies. Until Tron has an actual working product – and its “management team” decides not to sell 6 billion tokens in quick succession – this situation will not improve whatsoever.
Binance is still Tron’s leading exchange, with both of its BTC and ETH pairs constituting the majority of the volume. The fact that 75% of all of this currency’s trades take place on just one exchange is very troublesome, but it is not entirely uncommon in the world of cryptocurrency and digital assets. Coinnest sits in third place, but even the Koreans are getting fed up with Tron. Whereas they traded this altcoin at US$0.18 yesterday, their price has now dipped to US$0.12.
For the time being, it remains unclear what the future will bring for Tron. It is evident there are some things on the horizon which could improve the situation, but for now, these are still quite a long way away. Tron’s sudden rise to the top was nothing more than a pump-and-dump cycle, and it is due time people acknowledged this fact. There was some good money to be made while it lasted, but it seems unlikely the momentum will swing back in favor of this altcoin. Then again, the world of cryptocurrency is full of surprises.