Tron at Risk of Bearish Weekly Formation

Tron is lower with the recent weakness in Bitcoin and the coin is threatening a bearish weekly pattern.

Recent news for the coin was that founder Justin Sun was looking to setup a $1.1bn fund to spur further development in the TRX ecosystem. The goal is to support development of DeFi, Frog Nation, Tron and BitTorrent.

Recent statistics have shown that TRON boasts the largest DApp ecosystem in the world and its DeFi’s TVL has also exceeded $11.7 billion, ranking among the top three globally. TRON also has the most-circulated stablecoin worldwide and supports the on-chain circulation of major stablecoins including USDC, USDT, TUSD, and USDJ.

With these metrics it is maybe a surprise that the coin is ranked at only number 27 in the list of coins. That could mean big gains in the future if a new development spurs retail investment.

Tron Price Analysis

The price of TRX soared to new highs in the market rally to May of 2021. Since then the coin has rebounded from the lows around the $0.05 level. The recent highs in the last weeks have seen a potential double top formed this week and that could be confirmed by the weekly price action this week. If the week stays in a bearish mood then TRX could move to $0.08 for initial support.

TRX Price Chart (Weekly)