Tron loses key support above $ 0.062

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Tron has not performed well in the last 24 hours, has not been able to defend the important support at $ 0,06238 and threatens to fall below the $ 0,060 mark in the next few hours.

The general cryptocurrency market resumed its bearish trend yesterday: several leading cryptocurrencies recorded huge losses in the last 24 hours. Bitcoin has fallen 4.6% in the last 24 hours, trading just above $ 33,000.

Tron is also among the leading cryptocurrencies that suffered losses yesterday: it had to lose almost 5% of its value. TRX closed at $ 0.06404 yesterday, wiping out Tuesday’s gains.

Today, the losses continued and TRX failed to defend a key support at $ 0,06238. In the next few hours and days, Tron is expected to record even more losses. With analysts expecting Bitcoin to fall towards $ 31,000, TRX and other altcoins could also crash in the coming days.

TRX Price Forecast

The current outlook for the coming day is extremely bearish, according to the TRX/USD 4-hour chart. TRX has fallen below its 100-day SMA ($0.06356) and could see further losses in the coming hours.

Due to the fact that Tron could not defend the support zone at $ 0.06238, the price has fallen below the mark of 0.06200. The bulls are now forced to defend the next important support just above $ 0,0600. Persistent bear sentiment in the market could drag TRX below the $ 0.0600 mark for the first time in two weeks.

Chart TRX / USD. Source: Coinalyze

However, if TRX manages to break free from the current downtrend, it could recapture the support level at $ 0.06238. Thus, he could continue his run, aiming for the next resistance at $ 0.06476. At the moment, the TRX price is far from its 23.6% Fibonacci retracement level at $ 0.0787. Without significant support from the market, TRX is unlikely to recover to this zone in the coming hours.