Tron (TRX) Is Gradually Consolidating Higher After Testing a Key Support Area

Tron (TRX) is one of the key players in the crypto industry. The digital currency is always in the headlines, as it is either securing a strategic partnership or making improvements to its blockchain. Tron (TRX) recently launched its Mainnet, and a series of development has followed suit.

The digital currency market is presently heading south in response to the top player in the market – Bitcoin (BTC), trading slightly over the $7k mark. The decline spread across the crypto market and a lot of digital currencies were affected. Tron (TRX) was also affected by the dip, however, the coin is currently on its way up.

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TRON (TRX) Price Today – TRX / USD

Name Price24H (%)
Bitcoin (BTC)
$6,469.66
-0.14%
TRON (TRX)
$0.023461
-1.38%

At the time of writing, the value of Tron (TRX) has increased by 4 percent over the past twenty-four hours and it is now trading at $0.03026. The current market cap of Tron is $1.98 billion and its trading volume over the past twenty-four hours is $126.51 million.

Tron (TRX) Price Analysis

The recent decline caused the value of the coin to test its major support at $0.03. About a week ago, the value of the digital currency was in a strong position looking to surge over the resistance at the $0.04 mark. If it had broken that level, $0.04 would have been the support of the coin. However, the tables have turned, and the digital currency has found a new support level.

The four-hourly chart of the digital currency shows how vital the $0.03 level is for Tron (TRX) with the value of the coin hovering around this level for several candles. The recent decline saw the digital currency below the $0.03 mark, however, it has found its way over that level – which now serves as an immediate support level. Nevertheless, the coin needs to hold this support level strongly to prevent further loses.


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