As was to be expected, things have taken a turn for the worse across all cryptocurrency markets. After a few days of positive momentum, it seems all gains will be erased in the near future. So far, the TRON price is noting the biggest loss in the past 24 hours, albeit it remains to be seen how all of this will evolve in the coming hours.
TRON Price Takes a Small Dump
After so many years of watching cryptocurrency charts, most experts won’t be too surprised to see the momentum turn against all currencies again. Although some of them are still in the green as of right now, there is a lot of bearish pressure on all markets. The TRON price is no exception in this regard, as it has lost nearly 5% in the past 24 hours.
To put this into perspective, the TRON price sits at $0,0578 as of right now. It is not a massive price dip whatsoever yet most holders and speculators will not be too pleased by this temporary retrace. At the same time, it is possible things will turn around over the weekend once again, albeit that part of the week is always unpredictable.
The declining TRON price is also a direct result of TRX losing ground compared to both Bitcoin and Ethereum The TRX/BTC ratio has declined by 3.05%, whereas the TRX/ETH ratio has dropped by 4,67%. Again, neither of these losses are incredibly steep, but it does show there is a sea of red to contend with at this time.
While TRON still has over $244m in 24-hour trading volume, it will be a while until the bulls take control again. With the bearish pressure forming so quickly out of the blue, it seems highly unlikely any positive momentum will occur later today. For the TRON price, the main objective is to find stable support, although it’s difficult to pinpoint at what level that can be found.
Unsurprisingly, Binance is the leading trading platform for TRON. Its BTC pair is slightly ahead of Upbit’s and Bithumb’s KRW pairs. CoinEgg and OKEx complete the top five with two more BTC markets. It is possible there will be some upward momentum due to the presence of these KRW markets, albeit nothing has been set in stone.
It remains unclear what the future holds for all cryptocurrencies. As such, the future of the TRON price remains in question, although no major dips are to be expected in the coming days. Then again, unpredictable markets usually evolve in ways people least expect, which is both intriguing and worrisome at the same time.