The cryptocurrency market is currently dropping hard in response to the market leader, Bitcoin, dropping below $7200 as reported previously. We are seeing steep losses across the market with investors losing confidence in altcoins.
The downturns have not been good for Tron which has pushed below its long-term support level at $0.03. Just one week ago, Tron’s price was in a good position looking to push past long-term resistance at $0.04. if it had managed to do that, $0.04 might have turned to support but now the tables have turned, and it’s looking likely that $0.03 will be the new resistance level.
The 4hr chart shows how important $0.03 is as a level for Tron with price trading around this point for several candles. The recent downturn has provided the momentum for Tron to make a significant drop below this level and a move back up will now likely be met as resistance.
The hourly shows that the most recent drop has significant volume behind it. On the weekends, it is typical for the market to move on lower volume but an increase in volume shows some real significance behind this move. With the market leaders looking bearish, Tron is also looking very bearish with all the signs pointing towards further downwards movement.
- Amid hard drops across the market, Tron is also recording steep losses.
- Tron price has dropped below its long-term support level of $0.03
- $0.03 is likely to be a case of support turned to resistance. A move back up may occur but is likely to be met by strong resistance.
- Many signs pointing towards further downward movement with volume and strength behind this move.
Tron [TRX] Price Officially Below Key Level Amid Market Bloodbath was originally found on [blokt] – Blockchain, Bitcoin & Cryptocurrency News.