TRON plunges 20% amid crypto market turmoil - What went wrong and what's next?

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TRON (TRX) is one of the most popular cryptocurrencies in the market, but it has faced a significant setback in the last 24 hours. According to data from CoinCodex, TRON’s price has dropped by 20% from $0.0782 to $0.0626, wiping out more than $1 billion from its market capitalization.

What caused this sudden crash?

There are several possible factors that may have contributed to the decline of TRON price, such as:

– The overall bearish sentiment in the crypto market has seen many major coins lose value in the past week.
– The lack of positive news or developments from the TRON Foundation has been relatively quiet since its last major announcement of launching a new NFT platform called APENFT in May.
– The increasing competition from other smart contract platforms, such as Ethereum, Binance Smart Chain, Cardano, and Polygon, which offer faster, cheaper, and more scalable solutions for decentralized applications.
– The technical weakness of TRON’s price chart, which has been unable to break above the resistance level of $0.08 since April and has formed a descending triangle pattern that indicates a potential breakdown.

#TRON continues to resist the crashing market and advanced to #9 in @CoinMarketCap 🚀 will it be able to enter the #Top5 this week? 🤔 pic.twitter.com/YmugOuzenw

— TRON Community (@TronixTrx) June 10, 2023

How can TRON recover from this slump?

There are also some factors that may help TRON price bounce back in the future, such as:

– The loyal and active community of TRON supporters, who have shown enthusiasm and optimism on social media platforms like Twitter and Reddit.
– The potential partnerships and collaborations TRON may announce with other influential players in the crypto space, such as BitTorrent, Opera, Samsung, Poloniex, and others.
– The innovation and improvement that TRON may introduce to its platforms, such as new features, upgrades, and integrations that enhance its performance and usability.
– The technical support of TRON’s price chart, which has found a strong support level at $0.06, may form a double bottom pattern indicating a possible reversal.

TRON is one of the most ambitious and controversial projects in the crypto industry, aiming to create a decentralized internet that empowers users and creators.

Despite its recent challenges, TRON still has much potential and opportunities to grow and succeed in the long term. However, it will also face many risks and uncertainties that may affect its price movements. Therefore, investors and traders should always research and analyze before making any decisions regarding TRON or any other cryptocurrency.