When you look at the 24-hour chart of Tron (TRX), it has been a rollercoaster. It had gone from $ 0.0280 to $ 0.0342. Thus, it has surged close to 20% in a matter of just 12 hours. Most of the traders thought that the long impending move in Tron (TRX) was finally taking place. It was a trigger point for many long trades. The flash crash in the last 12 hours has changed the scenario completely.
Tron (TRX) loses 29% in just 12 hours:
After reaching a high of $ 0.0342, it is now back at $ 0.0245. Thus, it is gone lower than the levels from where it had started. It indicates that the flash crash has impacted Tron (TRX). When you calculate the losses from the peak levels, they are around 29%. It just took 12 hours for Tron (TRX) to experience these losses. It is currently down by 13% on an intraday basis. It is trading lower as compared to the levels where it had started. The price movement indicates that the flash crash along with the high levels made it very difficult for Tron (TRX) to sustain at those levels.
Many fundamental analysts, however, thought that the underlying fundamentals of Tron (TRX) are the trigger to this rally. It seemed like it was a classic momentum play. Over the last few months, Tron (TRX) is not only unveiled Mainet but also gained more and more users for its blockchain. It has attracted developers of decentralized applications. Thus, the user base of the Tron (TRX) is undoubtedly increasing. That, however, hasn’t benefited the investors much. Sure enough, there have been a few impulses in between, but there is no longer-term rally.
With Tron (TRX) falling almost 13%, it remains to be seen the underlying strength in Tron (TRX) at the current levels. If it witnesses some buying at the lower levels, then certainly the employing fundamentals are bringing in new buying at the lower levels. Until that happens, it seems like it will just experience rallies which result from one or the other news-based trigger. The problem with these rallies is that they fizzle out pretty soon. The rallies last for just a couple of days. Investors, who think that it is a long term turnaround for the better, will be once again disappointed. That is why, it is a good idea to wait it out and see the buying which comes in at the lower levels, if at all.
The investors, who tried to play the move in the last 24 hours, would have horribly burned their hands. It is best to observe the price action at this juncture rather than take the dip.