The correction in the cryptocurrency market continues, with Tron and other major cryptocurrencies all posting losses lately
The cryptocurrency market has been in correction mode since the beginning of the week. Bitcoin hit $ 47,000 over the weekend but has been trading in the red since then and is now below the $ 45,000 mark.
Ether closed at $ 3,300 over the weekend but has been trading just above $ 3,000 in the past few days. Thanks to the widespread losses, the total market cap of cryptocurrencies is now nearly $ 1.9 trillion.
Tron is currently down 2.5% in the past 24 hours and lost its support level above $ 0.085000 yesterday. The bulls were able to maintain Tron’s vital support level, but it is unclear whether they can continue to do so if the current bearish sentiment in the market grows.
TRX price outlook
The general cryptocurrency market is in the red and it is not surprising that the TRX / USDT 4-hour chart is bearish. With the market currently in correction mode, further losses could be seen in the next few hours.
TRX was able to defend the large support level above $ 0.08136. However, if the downtrend continues, it could fall below this level. Unless there is an extended market sell-off, TRX should steer clear of the second major support at $ 0.07773. The 23.6% Fib level at $ 0.07870 should also provide reasonable support for the cryptocurrency in the coming hours.
TRX / USDT 4 hour chart. Source: Coinlyze
On the flip side, if the market rally resumes, the TRX should climb past the $ 0.08464 pivot if it made a run to the first major resistance level at $ 0.08827 (0.0889 euros). To surpass that level, the help of the broader cryptocurrency market would be required.
In the event of a massive rally in the cryptocurrency market, Tron would have to break the resistance at $ 0.090 to ensure it hits the second major resistance level at $ 0.09155. Tron’s price movement over the next few hours will depend heavily on the general performance of the broader cryptocurrency market.