Tron (TRX) price may be on the verge of corrections due to broader market signals and profit-taking. If the indicated scenario occurs, an 18% drop could be witnessed, which can only be prevented if this support level is regained. Here is the latest on the cryptocurrency!
TRX’s Correction Adventure
Tron‘s price recorded a successful rise from the beginning of January to the end of February and turned to corrections from March. The effective downward momentum caused TRX to retreat by 21% and another decline occurred last week. According to price movements, TRX is likely to suffer further losses due to the formation of a death cross on the daily chart. A death cross occurs when the short-term 50-day exponential moving average (EMA) crosses below the long-term 200-day EMA, which could signal a potential downtrend in the market.
If a golden cross formation occurs, it could be the first instance in over ten months, potentially indicating extreme downturns. However, experts suggest that TRX holders show no signs of combating the decline. Most investors aim to profit by looking at the distribution of active addresses according to profitability. This measurement highlights that more than 48% of all participating investors are in profit, which means they potentially aim to realize gains.
Price Analysis in Tron
Tron’s trading price, from $0.109, has already lost the support of the 61.8% Fibonacci retracement from $0.152 to $0.050. The altcoin is currently trading above the marked 50% Fibonacci line at $0.101. Market and investor clues suggest that this support might likely break, and TRX could drop to $0.089.
The indicated price point corresponds to the 38.2% Fibonacci retracement, and this drop could result in an 18% correction. If Tron’s price returns the 61.8% fib level to $0.113, this drop could be invalidated. This level is also known as the bull market support base, enabling TRX to reclaim $0.120.
