The current state of the cryptocurrency market can be best described as a frenzy, with tokens surviving with bare minimum price movements. However, that doesn’t seem to be the case with Tron [TRX], especially as the altcoin has decided to move at the speed of light.
Some movement alas you might wonder, but it’s a movement in the negatives. And, this freefall might make the road to recovery more difficult than anticipated.
At the time of writing, TRX was in a freefall, with the crypto dropping by 6.2% in the last one hour. What’s more, it was down by 16.3% and 23.7% in the last 24 hours and 7 days, respectively.
More losses than one can comprehend…
As per data from TradingView, the opening price for TRX was $0.068. However, at press time, the token was trading at $0.061 – 10.33% lower than the opening price on 13 June.
Source: TradingView
Furthermore, the Relative Strength Index (RSI) took a dive and dropped to 14.49 from 54.34 in less than 24 hours. It looks like the RSI will stay in the oversold region for a while now. The Awesome Oscillator (AO) too started flashing ascending red bars below zero, post flashing a number of green bars.
Additionally, TRON’s H.E. Justin Sun tweeted about the funding rate of shorting TRX running in the negative.
Funding rate of shorting #TRX on @binance is negative 500% APR. @trondaoreserve will deploy 2 billion USD to fight them. I don’t think they can last for even 24 hours. Short squeeze is coming. pic.twitter.com/VRExM6UK70
— H.E. Justin Sun ???? (@justinsuntron) June 13, 2022
TRX’s ongoing price performance suggests that investors cannot dare to dream of recovery just yet. Expectations of a new ATH, needless to say, are baseless too. Only time will tell us if TRX is finally prepared for its long farewell now.
Source: https://ambcrypto.com/what-next-for-tron-trx-after-its-freefall-of-16-3-in-just-24-hours/