Tron’s TRX Touched alt=

Tron rallied by more than 10% yesterday but has now retraced as the broader market embarks on a slight correction.

TRX Rallied Following Alchemy Pay Adoption

TRX rose by more than 20% yesterday, outperforming numerous cryptocurrencies in the process. The rally came despite the broader cryptocurrency market underperforming, with TRX one of the top performers amongst the leading cryptocurrencies.

TRX’s rally came after Alchemy Pay announced that it had integrated Tron to enable TRX payment and investment. Alchemy Pay is a crypto-fiat hybrid payment solutions provider and has now made it possible for people to pay for goods and services using TRX and also invest with the cryptocurrency.

Following the announcement, TRX’s price rallied from $0.12 to reach the $0.127 level yesterday. That was the highest level TRX has reached in more than six months. However, TRX’s price has dipped as the broader cryptocurrency embarks on a massive correction. At press time, TRX is down by nearly 10% and is trading at the level prior to the pump; $0.1134.

TRX Could Slip Below $0.10

TRX has lost more than 9% of its value as the broader cryptocurrency market retraces following last week’s rally. If the current momentum continues, then TRX could dip further over the coming hours and lose its support level above $0.11.

TRX/USD chart. Source: FXEMPIRE

If the bears continue to control the market, then TRX could be forced to defend the first major support level at $0.09. However, in the event of an extended market sell-off, TRX could test the $0.081 support level over the coming hours.

The recent bearish sentiment could be a slight retrace before the bulls come back and reclaim the market. If the broader market begins to rally again, then TRX could surge towards the first major resistance level at $1.19. An extended bullish performance would allow TRX to reclaim yesterday’s high and trade at $0.127 per coin.

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