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

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TRON (TRX)

TRON (TRX) price has seen a lot of activity throughout the last year, from massive surges to even sharper crashes, only for it to end 2021 and start 2022 at 50% of its yearly high. For the moment, the price is experiencing a certain amount of stability, while it is also clinging to its support-turned-resistance, in an unsuccessful attempt to breach it. At least, for now.

But, while TRX might be relatively calm now, the past 12 months were rather chaotic.

TRON in 2021

TRON started last year with a price of $0.027, and it immediately started growing. It breached a minor resistance at $0.030 without much problems, but the one at $0.035 proved to be a lot tougher, and TRX spent the entire January 2021 trying to go up.

It finally managed it in the early days of February, and it quickly doubled its price, hitting $0.060 by February 14th. This turned out to be the next big barrier to cross, and it did give TRON a lot of trouble. The coin tried to breach it several times, only for its price to end up being rejected. Around February 21st, this even resulted in a considerable crash down to $0.040, and it wasn’t until March 27th that TRX finally managed to complete this goal.

This was a very bullish time for Bitcoin and altcoins alike, and TRON took the opportunity to ride the bullish wave all the way up to $0.16 — still far from its ATH, but much higher than the coin has been since early 2018 when its current ATH was made.

Unsurprisingly, a rapid spike resulted in a rapid drop, and TRX corrected to $0.1 before surging again to $0.15. This resistance caused another drop, which eventually turned into a massive price crash that affected the entire crypto industry. TRON kept falling until late July when it reached its new bottom at $0.05.

TRON in 2021

Fortunately, the coin did not stick around for long, and the recovery started immediately. Taking it back to $0.1 by early September, and then $0.12 by September 15th. Once again, a rapid surge resulted in a correction, and this one took the coin to its new largest support at $0.08, which it reached in the final days of September 2021.

The coin then started growing once again in October, although a resistance at $0.1 stood in its way. Eventually, TRX managed to break it only to encounter the next one at $0.12 once again.

Whether or not TRX could have broken it and continued surging back to its ATH will never be known, however, as this happened in mid-November 2021, which is when the bulls once again ended up withdrawing and the bears provoked another crash. TRX dropped to $0.08 one final time, and then it ended up breaking this support in the final days of December 2021.

For the remaining few days of last year, and the first four on 2022, TRX price remained below this former support, which now acts as a resistance, and it currently fluctuates between $0.076 and $0.078, waiting for the next rally to join to break its barrier and keep going up.

To learn more about this token visit our Investing in Tron guide.

Ali is a freelance writer covering the cryptocurrency markets and the blockchain industry. He has 8 years of experience writing about cryptocurrencies, technology, and trading. His work can be found in various high-profile investment sites including CCN, Capital.com, Bitcoinist, and NewsBTC.

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