Tron TRX price has hit a major bearish snag today after staying afloat for some days. TRX price is down from $0.0158 range to the $0.0149 range.
Tron (TRX) is the 13th largest cryptocurrency in the market with a market capitalization of over nine hundred and eighty-seven million dollars ($987.241M), and a trading volume of over six hundred and twenty-five million dollars ($625.588M).
Tron is no exception since the market as a whole is going down the bearish trend including Bitcoin (BTC) and the major altcoins.
Tron TRX price down in bearish market trend?
The cryptocurrency market has been striving ever since it topped out in June 2019. The Chicago Mercantile Exchange (CME) Group has reported on Twitter, that user interest in CME Bitcoin (BTC) is still strong, compared to Q3 2018. The increase in open interest amounts to nearly sixty-one percent (61%).
Grayscale Investments is a cryptocurrency asset manager based in the United States. The authority claimed that its product got an investment of over two hundred and fifty million dollars ($254M) in Q3 2019, although it had a total investment of over eighty-four million dollars ($84.8M). Eighty-four percent (84%) of this investment amount was gathered from institutional investors.
Facebook and Telegram’s regulatory problems, along with the rejection of the Bitcoin (BTC) exchange-traded fund proposal have not been very kind to the crypto market.
Although the cryptocurrency markets are at a downfall, major crypto assets are currently trading over their support levels.
Tron TRX price movement: What to expect?
The TRX price dipped past the uptrend line today and is still news the same points. If the bears keep the Tron TRX price under moving averages, the cryptocurrency may lower down to $0.0136 and $0.01124.
If the bulls can possess the moving averages, we expected that the trading pair may push upwards to $0.01866, which has been a major barrier during the preceding pullback bids.
If the bulls push the price over the $0.01866 marks, the trading pair may move back to $0.041, with a resistance level of $0.030.