Tron market update: TRX/USD slips under $0.28, ignores fundamentals

  • TRX has lost over 6% in recent 24 hours. 
  • The coin is sliding down despite positive fundamentals.

TRX/USD topped at $0.0399 on April, 8 only to slip below $0.028 by the time of writing. The 11th largest cryptocurrency has lost over 6% on a day-on-day basis and became one of the worst-performing coins out of top-20. TRON’s market capitalization has reached $1.8 billion, while an average daily trading volume settled at $461 million. 

What’s going on 

TRON’s project is bubbling with updates and news. There are a lot of developments and updates either implemented or scheduled in the nearest future. Thus, Tron Foundation recently announced TRX listing on a cryptocurrency exchange CoinTiger. The asset is initially available in pairs ETH/TRX, XRP/TRX, EOS/TRX, LTC. /TRX, XLM/TRX, BTT/TRX . 

However, the fundamental developments seem to have little effect on the price influenced mostly by sentiments and technical factors.

TRON’s technical picture  

TRX/USD bulls stopped short of $0.0310 handle, which proved to be a hard nut to crack. We might see more sell-off towards $0.0250 (DMA100) before the upside trend is resumed. However, if this barrier is cleared, the downside may be extended towards $0.0224-$0.0220. This area includes DMA200 and the lower boundary of the previous channel. 

On the upside, a sustainable move above $0.0300 will bring more buyers to the market with the next focus on $0.3100.  


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