Tron price forms a bearish flag as SunPump meme coins crash

crypto.news · 2024-10-03T06:15:44+00:00

Tron's token, TRX, stays in a tight range as the crypto sell-off continues, outperforming other top-10 cryptocurrencies in the last 7 days with a 0.97% increase while Bitcoin, Ethereum, and Solana retreated. However, its eco, including its meme coins and DeFi eco, is not doing well, with most falling by double-digits. Tron is still the market leader in the stablecoin payment industry and the most profitable chain in the crypto industry, with over $1.37 billion in fees this year. The Tron price has stalled and is forming a bearish flag chart pattern, which could see it slip to the key support at $0.1450.

crypto.news

2024-10-03 06:15:44

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Justin Sun’s Tron token is in a tight range as the ongoing crypto sell-off continues, with Bitcoin falling below $60,000.

Tron (TRX) was trading at $0.1542, just a few points below its highest level this week. According to CoinGecko**,** it is the ninth-biggest cryptocurrency with a market cap of $13.3 billion.

TRX has outperformed other top ten cryptocurrencies in the last seven days as it rose by 0.97%. Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) have retreated by 6.2%, 10.6%, and 10.5% in the same period.

Tron’s eco is not doing well, with most meme coins in the recently launched SunPumpeco falling by double-digits. Sundog (SUNDOG), the biggest token in the eco, has dropped by nearly 30% in the last seven days.

Similarly, Tron Bull Coin, Muncat, Suncat, and Vikita have fallen by more than 30% in the same period. The only SunPump meme coins doing well were Tron Bull and Tron Beer, which have jumped by over 16% and 40%

Other parts of the Tron eco are not doing well. For example, the total value locked in its DeFi eco has dropped by 6.8% in the last 30 days to $7.6 billion, making it the second-biggest network after Ethereum

Tron’s DEX volume has also moved to $425 million, making it the 9th biggest player in the industry. It has been passed by newer chains like Sui and Base, which handled $700 million and $4.5 billion in the last seven days

Still, Tron has many positives. It has become the market leader in the stablecoin payment industry. Data by TronScan shows that its Tether transactions rose by 9.75% on Oct. 2 to $70 billion

Tron is also the most profitable chains in the crypto industry, with over $1.37 billion in fees this year. Its third-quarter revenue rose to $577 million, higher than Bitcoin and Ethereum.

Tron price has stalled

Tron price chart | Source: TradingViewTron rose to a record high of $0.1690 on Aug. 26, and has dropped by 8.83%. It has remained above the 50-day and 25-day Exponential Moving Averages, meaning that bulls are in control for now.

However, signs indicate that it has formed a bearish flag chart pattern, a popular risky sign. If this pattern works out, Tron will likely slip to the key support at $0.1450, the highest swing in February this year.

TRX3,84%

MEME-1,72%

SUN3,4%

TOKEN-3,18%

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