Tron price has resumed its long-term bearish trend in today’s trading session and is already down by a percentage point. The drop follows a sharp decline of 26 per cent of Tron’s trading volume, despite a continued gain of traction in the past few weeks.
The current Tron price drop has been in tandem with the recent cryptocurrency industry performance in the markets. It also comes amidst high inflation and fear of a recession, which has seen investors starting to be cautious about taking risks in volatile markets.
In fact, the latest reports indicate countries such as the United Kingdom have started reporting they are in a recession and offering a snapshot of what the global economy will look like in a few months.
However, despite the recent drop, Tron continues to make market moves that are likely to place it in a better position for recovery in the next few weeks or months. Just recently, it named Wintermute as its decentralized finance ecosystem’s official market maker.
The decision is likely to see Tron boost its trading volumes in the network based on Wintermute’s huge platform that allows transactions worth billions of dollars per day. Today, with Tron having an average of about $350 million trading volume per day across multiple platforms, the partnership is likely to push it past $400 million or more.
Tron Price Prediction
Despite the platform making positive moves in the markets in the past few weeks, its prices continue to slide. Today, it is down by a percentage point and continues a long-term trend that is likely to continue for the next few trading sessions.
Based on the chart below, I expect Tron’s price to trade below the $0.055 price level before the end of the month. There is also a high likelihood that the long-term price level will be below the $0.046 price level.
Considering that we are in a strong bearish cryptocurrency market and Tron is significantly correlated with the trend of the industry, as long as the industry continues to struggle, I expect Tron’s prices to continue getting dragged downwards. My bearish analysis will only be invalidated should the prices trade above the $0.065 price level.
TRX Daily Chart
