Tron price failing to maintain the $0.017 levels

Tron price movement is unstable, and in the past hour, the 12th largest cryptocurrency has dropped by a quarter of a percent.

Despite the fact that TRX price is standing at a much higher point than the start of the month, instability is evident on the price chart.

Tron price chart 26 jan 2020Tron price chart by Trading View

TRX price increased from $0.0164 USD after it fell courtesy of a minor bearish pattern. The lowest price of the past 5-days was witnessed on the 24th of June at a value of $ 0.01568 USD. However, since then, the price has been improving despite instability on the charts.

Tron price movement: What to expect?

This bullish pattern caused the price line to remain above the starting price of the day; TRX achieved its highest price point of the day at $0.0170 USD. The price line fell to $0.0168 USD, then recovered to the second-highest price point of the day at $0.0168 USD.

Starting on a converging pattern, the 50-Day Moving Average and the 20-Day exponential moving Average diverged, while both the variables continued upwards on a gentle slope and reached their final values of $0.0167 USD and $0.0170 USD at the end of the day.

Tron market volume

While Bitcoin is still leading, the 12th largest cryptocurrency currently holds a market capitalization of almost one and a quarter billion United States dollars ($1.121B). Interestingly the trading volume exceeds the market cap at $1.126B in the past 24-hours, making it one of the fastest retails cryptocurrencies.

If the retail usage continues as today, Tron is likely to exceed the monthly of $0.018 to explore new highs above $0.020. However, if the retail usage falls anytime soon, the market capitalization may not collapse, but cryptocurrency can drop down to 0.012 level once again.

Featured image by Wikimedia