Brief Tron Price Correction Looms Ahead After Bullish Momentum

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All hourly charts for the top cryptocurrencies are looking incredibly bearish right now. That is only normal, as there have been several days of continual positive momentum this week. The main question is how this will affect the Tron price. After noting some rather impressive gains, that value increase can be wiped out fairly quickly if this trend remains in place.

Tron Price Reversal Looms Ahead

No one should be too surprised the Tron price is bleeding value on the hourly chart right now. This is primarily because Bitcoin’s chart looks rather unstable. After nearly three full days of non-stop gain, a correction is more than warranted and perhaps even needed. For all of the altcoins, this will usually lead to a massacre in quick succession.

For the Tron price, most of its recent gains are still in place. There is a 12% increase in USD value and a 6% gain on Bitcoin. Depending on how the hourly charts evolve, things may not remain like this for much longer. That will also cause the Tron price at $0.0161 to drop below $0.015 or in the coming hours and days, assuming the bull market does not resume.

On social media, there are a few peculiar discussions pertaining to TRON at this time. The TronBet dApp appears to be down at this time, although the website clearly mentions it is under maintenance. Since this is an unannounced downtime, some users are panicking, but it seems to be a matter of time until the service resumes its day-to-day operations.

When it comes to TRX, many users are excited about how fast funds can be transferred over its blockchain at low fees. There is still plenty of room for improvements, as the Tweet below clearly illustrates. Not every currency should pursue such fast transactions, though, but it is always something to keep in mind when trying to boast about one’s favorite cryptocurrency.

There are also those who try to look at TRX from a technical point of view. As of right now, it seems the altcoin is subject to an Elliott Wave correction which can quite brutal in very quick succession. The last time this wave happened, it caused a lot of bloodshed and it seems this time will be no different. That is assuming the value per Bitcoin continues to drop lower like it has over the past hour or so.

Although a bit of bearish momentum is to be expected, things will not necessarily get out of hand either. It is impossible to determine where the TRX price will end up exactly, but no real losses should be expected in the coming hours. A dip to $0.015 wouldn’t be the end of the world by any means, as these markets simply can’t go up in value indefinitely.

Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.

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