TRX could drop below $0.060 for the first time this month as bearish trend grows
Tron is down by 1% in the last 24 hours as the broader cryptocurrency market continues to underperform.
After a strong start to the week, the cryptocurrency market is underperforming once again. TRX, the native coin of the Tron ecosystem, is down by 1% in the last 24 hours despite some positive news from the TronDAO team.
With the broader cryptocurrency market still underperforming, will TRX dip lower over the next few hours?
What is driving Tron’s price lower today?
TRX has lost 1% of its value in the last 24 hours despite some positive news from the community.
We’d like to welcome our partner @WOOnetwork back for Season 3 of #HackaTRON! 🎉
Special thanks to Chloe Huang for returning to the judging panel this season. 🤝 #sTRONgerTogether💪 pic.twitter.com/MdG3MyVC9Z
— TRON DAO (@trondao) October 18, 2022
The TronDAO team is preparing for its Season 3 Hackathon and is welcoming back some of its previous partners. The hackathon is designed to incentivise developers to work on exciting projects on the Tron blockchain.
However, TRX’s poor performance can be attributed to the broader cryptocurrency market. The crypto market has lost 1.5% of its value in the last 24 hours, and the total cryptocurrency market cap now stands at $922 billion.
Bitcoin is also down by more than 1% so far today, while Ether has lost 1% of its value in the last 24 hours.
What’s the outlook for the Tron price?
TRX has been underperforming over the past seven days, down by more than 2% during that period. Its performance mirrors that of the broader cryptocurrency market, similar to the other leading cryptocurrencies.
In the near term, TRX’s performance would depend on how the broader crypto market performs. However, at press time, TRX is trading at $0.06242, and if the trend continues, it could drop below the $0.060 support level in the short term.
Tron technical analysis
The TRX/USDT 4-hour chart is neutral despite Tron underperforming over the past 24 hours.
TRX/USDT Chart By TradingView
The MACD line is around the neutral zone, indicating that neither the bulls nor the bears have complete control of the market at the moment. The 14-day RSI of 47 also shows that TRX is not in the oversold or the overbought region.
If the negative trend grows stronger, TRX could be forced to defend the first major support level at $0.06100 before the end of the day.
In the event of an extended bearish performance, TRX could fall below the $0.060 psychological level for the first time this month.
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