Over the past 24 hours Tron has shown a weak performance, failing to hold the key support level at $0.06238 and risking a drop below $0.060 in the coming hours.
The broader cryptocurrency market resumed its bearish trend yesterday, with many major digital assets suffering significant losses over the last day. Bitcoin fell about 4.6% in the past 24 hours and is trading just above the $33,000 mark.
Tron (TRX) was among the leading altcoins that posted declines yesterday, losing nearly 5% of its value during that period. TRX closed yesterday at $0.06404, reversing gains from earlier in the week.
Losses continued today, as TRX failed to defend a key support area near $0.06238. In the short term, this leaves Tron vulnerable to further declines over the next hours and days. Analysts expect Bitcoin could slip toward $31,000, and similarly TRX and other altcoins may see additional downward pressure in the coming days.
#Bitcoin still acting inside the range, no decision has been made.
Losing $33K range and I’m looking at $31-31.4K. pic.twitter.com/60AKAwb7GC
— Michaël van de Poppe (@CryptoMichNL) July 8, 2021
TRX Price Outlook
Looking at the 4-hour TRX/USD chart, the short-term technical picture is bearish. TRX has slipped below its 100-period simple moving average (SMA) near $0.06356, increasing the risk of further declines in the coming hours.
Failing to hold the key support at $0.06238 has pushed Tron below the $0.06200 threshold. Bulls would now need to defend the next important support level just above $0.0600. If bearish momentum persists, TRX could drop below $0.0600 for the first time in two weeks.
TRX/USD chart. Source: Coinalyze
On the flip side, if TRX manages to reverse the current downtrend, it could reclaim the $0.06238 support level. Regaining that zone would open the path toward the next resistance level at $0.06476. At present, the TRX price remains well below its 23.6% Fibonacci retracement level around $0.0787. Without a meaningful shift in market sentiment or significant buying support, it is unlikely TRX will reach that region within the next few hours.
Traders should monitor intraday volume and whether buyers step in near the $0.060–$0.062 region. A sustained increase in buying pressure could halt the slide and trigger a corrective rally toward resistance. Conversely, renewed selling and a close below $0.060 would likely accelerate downside momentum, exposing lower support areas and increasing the probability of additional losses among smaller-cap altcoins as broader market weakness continues.
Risk management remains important in this environment: set clear stop-loss levels and size positions appropriately to limit downside exposure. Keep an eye on Bitcoin’s price action for clues, since continued weakness in BTC often translates into further selling across the altcoin market, including Tron.