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What next for TRON [TRX] after its freefall of 16.3% in just 24 hours

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Source: Pixabay

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.

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.

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Aashna is a news editor with AMBCrypto and is particularly interested in the how and what of blockchain technology, along with its vast applications. A flair for the language and her inquisitive nature are factors that spike her interest in the cryptocurrency space.

Disclaimer: AMBCrypto's content is meant to be informational in nature and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.