Bitcoin has lost around $4K in the past few days, and this dip has caused a price retreat for other cryptocurrencies. TRON is among the altcoins affected by this dip, and by mimicking the price of bitcoin, TRX has been facing several ups and downs.
TRON is trading at $0.064 at the time of writing after a 0.9% price decline.
TRON Price Analysis
Despite the current dip, TRON is still higher from the losses incurred during the weekend. The coin has done well in maintaining levels above $0.061. Falling below $0.061 might be bad for TRON; hence, the current levels are still good. However, the lack of market support might trigger such a downtrend, causing a retreat towards $0.058.
On the other hand, TRX could make an uptrend to retest the resistance at $0.066 before entering the $0.07 zone. If there is an extended crypto rally from the broader market, TRON may retest such levels. Buying support during such a rally could also strengthen bulls, and TRX could breakout towards $0.1.
The founder of TRON, Justin Sun, recently stated that the TRX network has been underrated and has been overshadowed by other networks such as Polygon. According to Sun, TRX has the potential of becoming a leading DeFi platform. DappRadar, a blockchain data analytics firm, published a report titled, “JustSwap on TRX Attracts More Users than QuickSwap,” which could justify Sun’s Argument.
Crypto regulations are fast evolving, and leaning towards DeFi could open up TRX to more scrutiny. The chief of the US Securities and Exchange Commission, Gary Gensler, recently stated that the commission would soon turn towards regulating decentralized finance (DeFi).
The announcement hinted that the US could be implementing the Financial Action Task Force (FAFT) proposals developed two years ago. The proposals address the introduction of regulations on DeFi, NFTs and virtual asset service providers. The regulations will require Know-Your-Customer compliance through tracking receiver and sender IDs.
Where to Buy TRON
To buy TRX, you can create a cryptocurrency exchange account on eToro, a reliable and trustworthy cryptocurrency exchange platform. Opening an account and trading with eToro is an easy process. If you are new to crypto trading, eToro supports features such as demo trading accounts and copy trading, which will increase your chances of making profits.
Looking to buy or trade TRON (TRX) now? Invest at eToro!
67% of retail investor accounts lose money when trading CFDs with this provider