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- Tron(TRX) is again on a downtrend in today’s market with an overall loss of -4.56%.
- However, CEO Justin Sun is making continuous efforts to bring back the positive momentum.
Tron (TRX) has gone below the major mark of $0.020 and the concern in the crypto market is that whether it is a starting of a significant downfall for Tron?
Well, the CEO of Tron Justin Sun’s continuous efforts indicates that he is not giving up easily on the downtrend of his coin. Providing positive fundamentals at regular intervals is been the weapon for Justin Sun to fight the overall downtrend sustaining in the crypto market.
However, his efforts are proving to be fading away as Tron dipped by -4.56% in today’s market with the current price of $0.019. the market capitalization is of $1,302,756,135 and the 24H volume traded is of $1,773,625,706. The drop below the major mark of $0.020 indicates that the bearish momentum can sustain for TRX.
FUNDAMENTAL ASPECT
The efforts made by CEO Justin Sun for regaining the positive momentum for TRX are as follows:
- On February 24th, CNN, one of the leading news and media channel in the world interviewed Justin Sun. the interview was taken by Julia Chatterley. They discussed the Tron foundation and blockchain, its features. They also talked about buying BitTorrent, crypto investing and the grand lunch with Warren Buffet.
- On February 21st, the Tron foundation planned to add three new features to their Virtual Machine as tweeted by Justin Sun. The new features will support for parallel signature verification, multiple signature verification and judge whether the address is the contact address.
- On February 19th, Justin Sun announced on twitter stating that new multiple countries can now by Tron using their bank cards. Countries like Indonesia, Russia, Japan, Turkey, Germany, UK, France, South Korea, Argentina were given the modest option to buy Tron.
- On the same day, Justin Sun tweeted about the Coronavirus outbreak and how the blockchain community is helping in financing.
However, the continuous efforts still haven’t been very effective as Tron continues to the dropdown. It can be said that the overall bearish nature persisting in the market is affecting Tron significantly.
TECHNICAL ASPECT
The graph reflects on the downshift faced by Tron for the past few days. The technical indicators also suggest that the bearish momentum may continue for the altcoin in upcoming days.
RSI remains at the level of 40. Any movement above the level of 50 will favor TRX bulls to finally come into play. CCI is currently in the oversold territory which indicates further decline but is trying to move the positive territory. MACD levels indicate that the bearish momentum will persist for tron in upcoming days due to the bearish cross.
Resistance levels: $0.026 and $0.022
Support levels: $0.018 and $0.016
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
