Tron Market Analysis: Elon Musk Triggers Another Market Crash

Tron Market Analysis: Elon Musk Triggers Another Market Crash

Tron (TRX), alongside the rest of the crypto market, suffered a massive crash on Friday following a rejection from the $0.0830 resistance level. The renewed bearish pressure caused the crypto market to fall by over $100 billion within a few hours.

Since the start of the workweek, Tron performed relatively well, as bulls regained confidence. TRX printed a new seven-day high around $0.0830 earlier today.

The recent market crash got triggered by a tweet from Elon Musk, which alluded to the CEO parting ways with Bitcoin. The Bitcoin market reacted violently to the tweet, given Musk’s influence on BTC, dragging the entire market along. Bitcoin bottomed out below the $36k mark before posting a modest rebound higher.

Ethereum and Binance Coin did not fare any better, with the former falling by over 12% from yesterday’s high and the latter by 15%. Other large-cap cryptocurrencies also recorded massive declines, with Cardano, Dogecoin, Ripple, and Polkadot falling by -12.8%, -14%, -12.6%, and -13%.

Small-and-medium-cap coins also suffered double-digit losses following the Musk-induced crash.

Key Tron Levels to Watch — June 4

Following the massive decline, Tron appears to have regained stability as bulls resume trading activities. The cryptocurrency found decent support from the 200 SMA line amid the sell-off, indicating that this technical level should forestall future declines.

TRXUSD – Hourly Chart

That said, TRX bulls need to take the cryptocurrency back above the $0.0800 psychological resistance to reinstate a solid bullish momentum. However, failure to clear the immediate resistance at $0.0780 over the coming hours could send the twenty-fifth-largest cryptocurrency into consolidation.

Meanwhile, our resistance levels are $0.09000, $0.1000, and $0.1100, and our support levels are $0.0700, $0.0600, and $0.0566.

Total Market Capitalization: $1.67 trillion

Tron Market Capitalization: $5.55 billion

Tron Dominance: 0.33%

Market Rank: #25

 

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.