• Tron price plunges over 2% as several cryptocurrency-negative headlines  hit the wires on Monday.
  • TRX price breaks through important September support and prints a new low for the summer. 
  • More downside is expected with the critical point at $0.0513.

Tron (TRX) price slips for the second day in a row as negative headlines emerge on FTX and Do Kwon about Terra’s LUNA, this morning. It creates another wave of sell orders as faith in cryptocurrencies gets hammered again in an already eventful week with several key central banks set to make rate decisions. Expect to see more downside with a possible meltdown in Tron price action towards $0.0513 – a 14% decline.

TRX price could devalue by 14%

Tron price plunges over 2% in European trading as negative headlines hit the wires this morning, creating a bearish tone about cryptocurrencies as an asset class. The UK financial watchdog has issued warnings against crypto exchange FTX as it appears to offer products that are forbidden in the UK. The exchange is now under threat of having its access to mainland Britain denied. The second big headline creating waves this morning comes from Interpol, which has received notice from South Korean prosecutors for an international search warrant for Do Kwon, the co-founder of Terraform Labs, as it appears he is not responding to summons from the prosecutor’s office on the Terra meltdown in June. 

TRX price investors are turning their back on cryptocurrencies as these headlines further tarnish the already battered trustworthiness of the asset class. The monthly S1 at $0.0587 could slow down the drop a little bit, although once below there, a vast area opens up that could see TRX price printing $0.054, just a few pips away from $0.053, which is the low of March 25, 2021, and bearing 14% losses.

TRX/USD Daily chart

TRX/USD Daily chart

Although limited, the bearish triangle could still hold a silver lining: price action could still flourish upwards towards $0.062. Although that is only 4% or 5%, it is still money on the table, and we could see bulls already trying to weaken bears a bit for a possible bullish breakout from the triangle. For example, if the Fed comes out rather dovish and limits its forecast for rate hikes, expect to see a quick breakout and price action run up towards $0.066. 


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended Content

Editors’ Picks

Litecoin Price Prediction: LTC tries to retake $100 resistance as miners halt sell-off

Litecoin Price Prediction: LTC tries to retake $100 resistance as miners halt sell-off

Litecoin price grazed 105 mark on Monday, rebounding 22% from the one-month low of $87 recorded during last week’s market crash. On-chain data shows sell pressure among LTC miners has subsided. Is the bottom in?  

More Litecoin News
Bitcoin fails to recover as Metaplanet buys the dip

Bitcoin fails to recover as Metaplanet buys the dip

Bitcoin price struggles around $95,000 after erasing gains from Friday’s relief rally over the weekend. Bitcoin’s weekly price chart posts the first major decline since President-elect Donald Trump’s win in November.

More Bitcoin News
SEC Commissioner Hester Pierce sheds light on Ethereum ETF staking under new administration

SEC Commissioner Hester Pierce sheds light on Ethereum ETF staking under new administration

In a Friday interview with Coinage, SEC Commissioner Hester Peirce discussed her optimism about upcoming regulatory changes as the agency transitions to new leadership under President Trump’s pick for new Chair, Paul Atkins.

More Cryptocurrencies News
Bitcoin dives 3% from its recent all-time high, is this the cycle top?

Bitcoin dives 3% from its recent all-time high, is this the cycle top?

Bitcoin investors panicked after the Fed's hawkish rate cut decision, hitting the market with high selling pressure. Bitcoin's four-year market cycle pattern indicates that the recent correction could be temporary.

More Bitcoin News
Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy

Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy

Bitcoin price has surged more than 140% in 2024, reaching the $100K milestone in early December. The rally was driven by the launch of Bitcoin Spot ETFs in January and the reduced supply following the fourth halving event in April.

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP