TRON market update: TRX/USD dragged down by bearish sentiments
|- TRX/USD is down 4% in recent 24 hours amid global cryptocurrency sell-off.
- TRON ecosystem has been attracting dApp developers.
TRON is hovering marjinally above $0.02600 handle. The coin recovered from Monday’s low at $0.02517, though the upside is still limited, TRX/USD needs to get back above $0.02700 to improve the short-term technical picture and get a chance for an extended recovery. Moreover, the critical resistance is seen at $0.0300. It has been limiting the recovery in January.
TRON is the 8th largest coin with a market value of $1.8B. It has lost 3.5% in the recent 24 hours; however, it is still one of the best-performing coins of the month. TRX/USD has gained nearly 40% since the first of January amid a slew of positive fundamental developments.
Justin Sun, the founder and the head of the project, is famous for its aggressive marketing strategy. He has been pushing the adoption of his ecosystem and managed to lure dApp developers from EOS and ETH blockchains.
His approach has been successful so far. However, TRON’s upside momentum may prove to be short-lived due to the expected bear trend on the cryptocurrency market during 2019. Also, it is worth noting, that TRX/USD is down 89% since its all-time high.
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