Tron's price could see a correction soon due to market signals and profit-taking. If this correction happens, a potential 18% drop may occur unless the support level is regained. Here is the latest update on the cryptocurrency.

TRX's Correction Journey

Tron's price rose successfully from January to February but started to correct in March. The downward trend led to a 21% drop, followed by another decline. Recent price movements show that TRX might face further losses, as a death cross has formed on the daily chart. A death cross indicates a potential downtrend when the short-term moving average crosses below the long-term average.

A potential golden cross formation, the first in over ten months, could signal extreme downturns. Despite this, TRX holders seem unprepared to combat the decline. Most investors are focusing on profitability through active addresses, with over 48% of investors potentially aiming to make gains.

Tron Price Analysis

Tron's price has dropped below the 61.8% Fibonacci retracement support level and is currently trading above the 50% line. Market indicators suggest that this support may break, causing TRX to fall to $0.089. This level corresponds to the 38.2% Fibonacci retracement, indicating an 18% correction. Reclaiming the $0.113 level could invalidate this drop, supporting TRX to reach $0.120.

This information was originally posted on COINTURK NEWS: Tron's Price Correction Journey.