- Tron has witnessed price pressure over the last few months.
- From its YTD, TRX remains 60% lower.
- The altcoin will extend the bearish outlook if it maintains beneath the 50-d VWMA.
TRX-USD witnesses magnified price pressure as altcoins see decreased demand. While writing this, Tron trades at $0.0600, translating to around 66% down from its year-to-date mark at $0.1780. For now, the alternative coin ranks 25th, with a market cap exceeding $4.2 billion.
Tron’s Massive Pressure
Most virtual currencies have been struggling over the last two months. As a result, Coinmarketcap recorded the total crypto market capitalization losing over $2 trillion to hover nearly $1.37 trillion.
Multiple reasons account for the recent crypto market crash. Firstly, China attacked the mining sector with stiffer rules over the last weeks. The nation fought digital coins, banning its citizens from cryptocurrency activities. At the moment, most mining firms relocate from China.
This week, the Asian nation requested financial institutions such as banks and AliPay to suspend their businesses with companies dealing with digital assets. Also, the central bank shut a cryptocurrency software company.
Also, Tron had its value plummeting after profit-taking by investors who doubled their investments. Usually, digital coins experience price drops after significant corrections from massive rallies. Before the current market crash, TRX surged by over 2,175% since March 2020.
Moreover, most assets, including Tron, retreated as the US market rebounded. The FOMC minutes suggest that most individuals prefer stable investments.
Meanwhile, Tron has maintained massive activity on its network. According to this week’s reports, USD Coins circulating on the Tron platform increased by over $108 million. Keep in mind that the coin has been on this platform for not more than one month. The first USDC transfer on Tron’s site happened on 11th June.
Tron (TRX) Price Prediction
According to its daily chart, TRX surged to a YTD high of around $0.1725 early in 2021. The coin created a double-top formation at that zone. The pattern’s neckline lies at $0.09072. However, the asset lost over 48% beneath the neckline.
Today, Tron trades under the 50-d exponential and VWMA.
The overall TRX market denotes bearishness.