Tron (TRX), the seventh largest crypto by market cap, has lost over 15% of its value in the last 24 hours, as the crypto continues its march into the red. This week, the cryptocurrency has taken a further step towards normalcy, with its price testing the $0.062 level support level.
Tron (TRX) is trying to reclaim its former glory after losing its support above $0.08, and is currently attempting to break $0.062. The coin has accumulated a larger percentage increase since it’s former all-time high of $0.83 in February 2018.
Tron underperformed over the past 24 hours, failed to defend a key support level at $0.06238 and is likely to fall below $0.060 in the coming hours.
The global cryptocurrency market resumed its downward trend yesterday, with several leading cryptocurrencies posting large losses over the past 24 hours. Bitcoin has fallen 4.6 percent in the past 24 hours, trading just above the $33,000 level.
Tron is another leading crypto-currency that suffered losses yesterday, losing almost 5% of its value. Yesterday, the TRX closed at $0.06404, wiping out Tuesday’s gains.
Losses continued today as TRX failed to defend a key support level around $0.06238. In the short term, Tron is likely to post further losses in the coming hours and days. With analysts expecting bitcoin to fall to $31,000, TRX and other altcoins could also fall in the coming days.
The #Bitcoin is still moving within the range, no decision has been made yet.
After losing $33,000, I’m looking for $31-31.4K pic.twitter.com/60AKAwb7GC
– Michaël van de Poppe (@CryptoMichNL) 8. July 2021
TRX Price Forecast
Looking ahead to the next day, the 4-hour chart of the TRX/USD appears to be very bearish at the moment. TRX has dropped below the 100 SMA (0.06356) and is likely to lose more in the coming hours.
The failure to defend the key support zone at $0.06238 caused Tron to fall below $0.06200. The bulls will now be forced to defend the next major support just above $0.0600. An extension of bearish market sentiment could see the TRX drop below $0.0600 for the first time in two weeks.
TRX/USD chart. Source: Coincide
However, if TRX can break out of the current downtrend, it could regain support at $0.06238. This will allow it to extend its run and reach the next resistance at $0.06476. TRX price is currently far from its 23.6% FIB retracement level at $0.0787. Unless it receives serious support from the market, it is unlikely that TRX will be able to rise to this range in the coming hours.