The price of TRON (TRX) is falling constantly, as it has dropped from $0.049 below $0.027 in less than three weeks and the current price is about $0.0266. The main reason for this fall is a low transaction volume and there is still uncertainty about the project.
Fundamental analysis: There’s still a level of uncertainty
TRON price has has fallen since last weeks and right now, there is no signal of the trend reversal. TRON is a blockchain-based entertainment content which shares platform that has its own cryptocurrency known as Tronix (TRX).
This platform enables traders to create content, websites and apps without having to rely on centralized services. It was assumed that TRON could transform the global entertainment industry and it is important to mention that lots of technical specialists are already supporting the TRON.
TRON is constantly adding new users but there’s still a level of uncertainty about the project. TRON has partnered recently with decentralized aggregator 1inch.exchange to add support for TRC-20 tokens. This is the first major DeFi partnership that will improve the growth price accuracy for trading.
TRON users should remember that the price of TRX is correlated with the price of Bitcoin and they need to have Bitcoin on their “watch list”. Before three weeks, Bitcoin weakened below the key $10,000 level for the first time since late July.
This certainly had a negative influence on the price of TRX and since then, TRX cannot recover above the $0.040 resistance level. Another important reason why TRON is falling is that the investors think that there are lots of other cryptocurrencies with bigger potential and with less risk.
On the other hand, some analysts say that this cryptocurrency has a positive long term outlook as TRON is an ambitious project dedicated to building the infrastructure for a truly decentralized Internet. Investors in TRX should notice that this is a very risky crypto but now could be a good time to trade TRON (TRX).
Analysis: If the price moves above $0.030 it would be a “buy” signal
Analysts say that the price of this cryptocurrency has advanced from $0.015 to $0.049 and after that started to fall. The current resistance levels are $0.030, $0.035 and $0.040, $0.025 and $0.020 represent the strong support levels.
If the price moves above $0.030 it would be a “buy” signal and we have the open way to $0.035. Rising above $0.035 shows the continuation of the bullish trend and the next price target could be around $0.040. On the other side, if the price falls below $0.025 it would be a “sell” signal and we have the open way to $0.020.