TRON is currently trading at $0.0158 and has a market capitalization of $1 Billion. Tron has been losing its market value since the price hit the $0.0152 level. It is the 14th largest cryptocurrency and its price started descending after a massive sell-off in the cryptocurrency market.
In July 2019, TRON announced its $20 Million buy-back plan. TRON Foundation’s developers explained that the coins were needed to speed up the network’s development. However, the buyback did little to support the coin’s price. It hit a peak of $0.0161 on September 3 and has been on a downward slide ever since.
TRON is a popular cryptocurrency and has established a strong reputation for itself. The circulating supply of the coin is noted to be 66,682,072,191 TRX and its ROI has reached 672.90%. The highest recorded value of TRX in the last 90-days was $0.040. This week, Tron may break its slump and cross $0.020 by the end of the month. We are bullish on TRX’s long term position and it may reflect in the price by the end of the week.
TRX showed some signs of recovery on September 2, 2019 and hit $0.0162, however it has come down again to $0.0158. The price action of TRON does not show signs of price reversal as the bullish trends were resisted by the 12-day EMA. The market is fluctuating within a tight range of $0.0145 and $0.016 demand zones.
If Tron breaks the $0.0145 demand zone, the price will further depreciate. Nevertheless, if the bulls break the $0.016 demand zone, the price will see an upward trend. However, if the price doesn’t cross the resistance level, it will continue its lateral movement.
Content provided by CryptoTraderNews is for informational purposes only, and should not be construed as legal, tax, investment, financial, or other advice. All information is of a general nature. As always, there is risk with any investment. In exchange for using our products and services, you agree not to hold CryptoTraderNews Pro, its affiliates, or any third party service provider liable for any possible claim for damages arising from decisions you make based on information made available to you through our services.