Tron is growing weaker against the world’s first and foremost cryptocurrency bitcoin.
The TRX-to-BTC exchange rate this week has extended its bearish bias by falling another 7.72 percent this Wednesday. The pair established a fresh lower low towards the 251 sats level, bring its total month-to-date returns to a negated 18.33 percent, according to data provided by CoinStats’ cryptocurrency portfolio management app.
Even the Tron Foundation’s Founder & CEO Justin Sun’s are not helping to pump the TRX price. The organization lately launched BitTorrent Speed, which received widespread media attention. Nevertheless, bitcoin remained stronger against the Tron token owing to its long-term bullish bias in the cryptocurrency market.
Tron’s bearish bias intensified also because of a Ponzi scandal in China. A fraud company misused the Tron Foundation’s brand to dupe thousands of investors off – reportedly – $130 million. Sun later clarified that Tron had nothing to do with the scam.
Opportunities in Tron Market
The Tron price is now looking to break below a weekly support level of 259 sats. If it does, then there is a clear downward trajectory towards the 183 sats level.
At the same time, a pullback at this time could push Tron towards 300 sats, a psychological resistance level.