Categories: CryptoNews

TRON Price: Massive Dip Signals Turn of Momentum

With most of the top cryptocurrencies still in the green right now, it is evident interesting things are bound to happen. Even so, there are plenty of cracks in this facade, as the TRON price has already lost over 6.5% again in the past 24 hours. This is only a sign of what is to come in the coming days.

TRON Price Takes a few Uppercuts

As one would expect in the world of cryptocurrency, positive momentum cannot be sustained indefinitely. This has been the case for as long as people can remember and will continue to cause problems for many more years. This most recent uptrend was well-received, but it seems the momentum is turning against the cryptocurrencies once again.

Despite what seemed to be a promising start of the week, the upcoming dip seems almost inevitable. It is an unfortunate turn of events, albeit one that is somewhat to be expected. If the TRON price is any indication, the rest of the markets will drop by at least 5% in the coming hours. That is anything but good news for speculators and investors.

In the case of the TRON price, its value has dropped to just above $0,06 once again.  This is somewhat on par with how most people consider TRON to be valued based on the existing technology. Even so, it is possible that will not be the bottom for the TRON price either. If this downturn continues, the price might lose another 5-10% in the next 48 hours.

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Even though TRON has solid trading volume over the past 24 hours, it is simply insufficient to maintain any stability. With $432.65m in trades over the past 24 hours, there is no shortage of people looking to buy and sell TRON. As of right now, sellers clearly dominate the market, and that bearish pressure will not necessarily relent anytime soon.

As one would come to expect from TRX, South Korean markets dominate the trading volume virtually every day. These past 24 hours are no different, with both Upbit and Bithumb firmly in the lead. Binance’s BTC market comes in third place. An interesting mix of trading platforms, albeit nothing overly amazing.

The big question is how things will evolve from here on out. For the TRON price, finding stable support needs to happen sooner or later, but that doesn’t appear to be happening. Even so, cryptocurrency markets are incredibly unpredictable, and anything can and will happen over time.

JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

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