• TRON (TRX) is the worst-performing altcoin out of top-20, down 10%.
  • Just.Game is suspected to be a scam project.

TRON (TRX) is one of the worst-performing altcoins out of top-20. The coin with the current market value of $922 million has lost over 10 in recent 24 hours and extended the decline during early Asian hours on Tuesday. Notably, the coin hit $0.0160 on Monday before reversing sharply towards $0.0135 at the time of writing.

Ponzi game

As we reported earlier, the founder of TRON Justin Sun promoted a new game that had been launched on December 22 on TRX blockchain. According to Sun, the game is controlled totally by blockchain without human interference. 

However, many participants noted that the game had the feature of a Ponzi scheme. It is all about buying "boxes." The more people buy, the higher the rewards. Sun himself tried to buy a box during online streaming but failed to complete the purchase.

As the previous growth might have been caused by the pump, created by the game, the disappointment and the allegations that the head of Tron Foundation has been shilling a scam project reversed the luck for TRX. The coin has been under intense selling pressure since the second half of Monday. 

TRX/USD: technical picture

TRX/USD moved below the support area of $0.0140 ( the middle line of 4the daily Bollinger Band. As a result, the price continued the decline towards  $0.0135 (SMA50 4-hour). If it gives way, psychological $0.0130 will come into focus. The next support is created by the lower line of the 4-hour Bollinger Band and the recent bottom at $0.0121.

On the upside, we will need to see a sustainable move above $0.0140 to mitigate the initial pressure and allow for an extended recovery towards $0.0145 (SMA200 4-hour) and psychological $0.0150. Once it is out of the way, the upside is likely to gain traction with the next focus on the recent high of $0.0160.

Considering the downward-looking RSI (the Relative Strength Index), the bearish scenario looks more likely at this stage.

TRX/USD 4-hour chart


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

Decentraland price under pressure by market turmoil, MANA points to steep correction

Decentraland (MANA) has not been able to sit back and enjoy its all-time highs printed on Thursday, above $6.0. MANA price reversed to the downside as a wave of negative news surrounding a new Covid variant hit news wires during the Asian session.

More Cryptocurrencies News

Bitcoin, Ethereum, XRP at discount ahead of Black Friday while investors fear new COVID strain

Over $265 billion wiped off the overall crypto market capitalization in a bloodbath as news of the new Covid strain breaks out. Bitcoin, Ethereum and Ripple prices have tumbled over 6%, and the top 10 cryptocurrencies are trading at a steep discount.

More Bitcoin News

XRP holds key support while indicators point to short-term recovery

Ripple started a recovery wave above a key support level of $1.024. XRP price started an upside correction as indicators suggest a short-term recovery. The coin may initiate a fresh downtrend upon a breakout of the $1.024 support level.

More Ripple News

Dogecoin-killer Shiba Inu hits 1 million holders, gets listed on South Korean exchange

Shiba Inu hit an important milestone of 1 million holders with a rise in the number of investors. The memecoin listed on a South Korean crypto exchange successfully despite strict regulatory requirements. 

More Shiba Inu News

Black Friday 2021 Discounts!

Do you want to take your trading skills to the next level? Now you have a chance of leaping forward at attractive introductory rates. For Black Friday, FXStreet is offering discounts of up to 50% on its upgraded Premium plans. 

Subscribe now!