The bearish cryptocurrency momentum affecting most, if not all markets, is taking its toll on some of the top altcoins. When Bitcoin puts on the brakes in an aggressive manner, other markets tend to follow suit pretty quickly. If the Tron price is any example of what is yet to come, today will not be a good day by any means. Its value has absolutely tanked and continues to drift lower every hour.
Tron Price Momentum Continues to Sour
It is rather uncommon to see a market on the level of Tron lose so much value in very quick succession. While it is not the first time this happens, once also has to wonder how dire things will get in the hours and days ahead. For now, it seems the onslaught is in full effect, as roughly $10bn has been wiped off the total cryptocurrency market cap in just a few hours’ time. That is usually an indication things will remain pretty brutal moving forward.
Over the past few hours, the Tron price has declined to $0.026, which represents a 13.88% decline. Things are not looking much better in TRX/BTC territory, as the altcoin lost over 10.2% in that regard a swell. Despite a jump to 600 Satoshi seeming rather plausible on Monday, that momentum has now been eroded completely. The bigger question is whether TRX can remain above 500 Satoshi for much longer, as the pressure continues to mount.
Despite the negative price pressure, Justin Sun is trying to keep the momentum alive for Tron on social media. He looks back on the progress achieved throughout the past six months. It is certainly impressive to see how Tron has grown ever since, but it seems that growth alone will not necessarily warrant prominent price changes. Additionally, a lot of people think Sun is just a “hustler”, whereas others wonder when BTT will finally get a pump. One simply can’t please cryptocurrency enthusiasts these days, it seems.
#TRON never slacked from the beginning of its launch, and TRON's success today united from hard work of TRON's global team and community. In the past 6 months, TRON showed remarkable growth! In the future, TRON will continue to grow steadily and rapidly. Come along for the ride! pic.twitter.com/X8Qn6WynNj
— H.E. Justin Sun 孙宇晨 (@justinsuntron) April 11, 2019
As one would come to expect, there is a very strong focus on the TRX price chart at this time. CryptoJunky expected a big correction to kick in sooner or later, although he does regret not using a stop loss in the process. When markets turn sour in such a violent fashion, a stop loss order would certainly be of great value. For now, traders have to wait and see how dire things will get before the price can bounce back.
#trx – kinda knew this would happen. And putting a stop loss could have earned us more #Tron. pic.twitter.com/IJxbT3ln4M
— cryptoJunky (@cryptoJunky6b) April 11, 2019
John Peters van Ton is in the same boat, sort of. This trader sees this as an ABC correction, which does not necessarily warrant him to sell his positions by any means. It is an interesting buy opportunity for those who are confident Tron will bounce back in the future, as this lower price can allow for some quick profits in the not-so-distant future. Cost-averaging down one’s positions is never a bad idea, although it’s never wise to put too many eggs in one basket.
#TRX bad day for the cryptomarket. Did not manage to set a new high so i consider this as an abc correction. Not going to sell my positions. In fact if this comes back to around 0.016-0.017 i think this is a great buying opportunity. I add more. pic.twitter.com/ggv9hhyPve
— John PvT (@cryptoPvT) April 11, 2019
When looking at all the other markets, it shows Tron is not the only one facing a fair bit of pressure right now. It has noted some higher losses compared to other markets, but it can also potentially recover that lost value a lot quicker if things turn around. For now, the losses will need to be taken in stride, as everyone waits for Bitcoin to turn around again. That may take a while, as the weekend is just around the corner as well.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.
Image(s): Shutterstock.com
2 Comments