Tron (TRX) Price Drops 3% Amidst Wider Crypto Market Decline
Bitcoin's recent bearish trend has impacted the broader crypto market, including Tron (TRX), which declined over 3% to around 24 cents. TRX has experienced a correction since early December after reaching an all-time high of approximately 43 cents.
Key Points
- TRX has a fully diluted valuation of about $21 billion and a 24-hour trading volume of approximately $1.2 billion.
- The altcoin is positioned to potentially lead an altseason following a macro reversal in Bitcoin dominance.
- The Tron network holds a total value locked of about $7.24 billion and a stablecoins market cap of around $60 billion.
- Tron faces criticism for higher transaction fees compared to competitors like BSC and Ethereum’s Layer Two protocols.
- Core developers are working on creating a zero-fee stablecoin transaction experience.
- Recent technical analysis indicates a potential bullish reversal as TRX price has shown support at the 50 Moving Average.
- A consistent close above 27 cents may signal a new rally; below 21 cents could accelerate the ongoing correction towards 20 cents.