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TRON (TRX) Price Breaks a Support at $0.08, Struggles to Go Back Above It

TRON is often referred to as the Ethereum of China, but has had a rough time in 2018. The currency dropped from $0.25 in December 2017 to around $0.08 today and was unable to rally back above it yesterday despite several attempts by TRX loyalists at driving prices higher through price appreciation or buying support with their personal wallets.,

TRON (TRX) is a blockchain-based decentralized content platform. The TRON price has been struggling to go back above it ever since the support at $0.08 was broken.

The price of TRON (TRX) has fluctuated a lot over the previous year, from big rises to even sharper drops, only to close 2021 and begin 2022 at half of its annual high. For the time being, the price remains stable, albeit it is still clinging to its support-turned-resistance in a failed effort to break through it. At least for the time being.

However, although TRX is currently pretty tranquil, the previous 12 months were a whirlwind.

TRON will be released in 2021.

TRON began last year with a price of $0.027 and quickly began to rise. It easily broke over a little resistance around $0.030, but the one at $0.035 proved to be much more difficult, and TRX spent the whole month of January 2021 struggling to get higher.

It eventually did it in early February, and it rapidly doubled in price, reaching $0.060 on February 14th. This proved to be the next major obstacle to overcome, and it caused TRON a great deal of difficulty. The currency attempted to breach it multiple times, but each time its price was rejected. This even led in a significant drop to $0.040 on February 21st, and it wasn’t until March 27th that TRX was able to achieve this target.

This was a highly bullish period for Bitcoin and altcoins alike, and TRON took advantage of it by riding the bullish wave all the way up to $0.16 — still a long way from its all-time high, but much higher than the currency has been since early 2018, when its current ATH was set.

TRX corrected to $0.1 before jumping again to $0.15, which was unsurprising given the fast rise. This resistance resulted in a further dip, which culminated in a huge price collapse that impacted the whole crypto market. TRON continued to plummet until late July, when it hit a new low of $0.05.

TRON (TRX) Price Breaks a Support at $0.08, Struggles to Go Back Above It

Fortunately, the coin did not remain for long, and the recovery process began right away. By early September, it will be back to $0.1, and by September 15th, it will be $0.12. A quick spike led in another correction, this time to $0.08, the coin’s new highest support, which it achieved in the last days of September 2021.

In October, the currency began to rise once again, despite a $0.1 barrier. TRX eventually broke it, just to run into the next one at $0.12 once again.

However, since this occurred in mid-November 2021, when the bulls once again withdrew and the bears produced another collapse, it will never be known if TRX could have broken it and kept surging back to its ATH. TRX fell below $0.08 one more time before breaking through this support in the closing days of December 2021.

TRX price stayed below this old support, which now functions as a resistance, throughout the final few days of last year and the first four days of 2022, fluctuating between $0.076 and $0.078, waiting for the next rally to join to breach its barrier and continue climbing higher.

Visit our Investing in Tron guide to learn more about this coin.

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