For weeks now, Tron has continued to struggle in the markets. Today, it is down by almost a percentage point, extending yesterday’s 2 per cent drop. The crypto has also traded in a sideways market since June 21.
Since its founding, Tron’s traction has been mostly contributed by its premise of helping content creators sell their products directly to consumers while still giving them control over their content. Today, the platform is ranked 16th in terms of market capitalization, which currently stands at over $565 million.
Tron has also been among the few decentralized finance protocols that have seen their total value locked unaffected by the crypto industry bear market. Today, Its TVL stands at $5.82, almost the same level at which it was trading at the beginning of the year.
Part of the reason we have seen Tron struggle in the markets is due to the current cryptocurrency industry bear market that has affected almost all projects. However, unlike other altcoins that have been falling since the bear market began, Tron has been able to be stable, trading sideways instead of dropping.
Looking at the chart below, Tron’s price is in its second consecutive bear trading session. We can also see that prices have been trading in a sideways market since June 21. Therefore, based on the recent price action, I expect the prices to continue trading sideways. I expect the past two days’ price drop to be wiped out in the coming sessions.
However, should the prices move below the current highs of the sideways trend, which stands at $0.071, then a bullish trend will have been established. The same will be true if the prices drop and hit the price low of the current sideways trend, which currently stands at $0.059. At that point, a bearish trend will have been established. A bear trend will likely see the prices drop to as low as $0.050 psychological level.
This post was last modified on Jul 21, 2022, 17:17 BST 17:17