Tron Price Prediction: TRX Could Drop to $0.15 as Selloff Intensifies

Highlights:

• Tron price is in a correction and trending towards $0.15 support
• Selloff driven by macro factors, including a possible US Govt shutdown
• A reversal could occur if Bitcoin’s dominance starts to drop

Tron is in the red today, mirroring the selloff that has characterized the market for the better part of the day. At the time of going to press, Tron was trading at $0.233, down by 11.87% in the day. However, trading volumes were on the rise in the day, up by 19% to stand at $2.23 billion.

This is an indicator of a surge in activity as panic sellers exit the market and bulls looking to take advantage of the dip enter the market. With bearish sentiment taking root across the crypto market intra-day, the odds are high that Tron could be headed lower in the short term. Several factors support the possible continuation of the selloff that Tron and other altcoins are facing today.

A Looming Shutdown of the US Government

One of the key factors that could drive the selloff is the possibility of a US government shutdown over the Christmas period. This follows Democrats shooting down a revised spending bill that the incoming Trump administration has proposed. This has dampened the mood in the market which was already weakened by the Federal Reserve chairman’s report while announcing the recent rate cuts.

Yesterday’s bill vs today’s bill 😂 pic.twitter.com/L3Omn964mw

— Elon Musk (@elonmusk) December 19, 2024

The Fed Chair noted that there could be fewer rate cuts going into 2025 due to the potential for tariffs to push up inflation. A combination of these two factors could see Tron and other cryptocurrencies continue to go down until there is more clarity going into 2025. There is a chance that all financial markets will remain on edge until the Trump administration comes in and the Republicans take their supermajority so that they can drive policy the way they want.

Tron Price Could Decline Further if Bitcoin Tests $90k Support

Recently, Bitcoin has been going up and has tested highs above $108k. However, altcoins have not followed. However, now that Bitcoin is in a correction, altcoins are going lower as well. From the charts, there is a good chance that Bitcoin could be headed lower, with the potential to test $90k key support in the short term.

This could end up pushing altcoins to lower prices than they are now. For Tron, which already pumped in recent weeks, another 10% dump could be within the realms of possibility. The potential for more dumps is already evident in Tron’s intra-day price chart.

Technical Analysis – Tron Price in an Accelerated Selloff

From the charts, Tron is in an accelerated selloff. This is after bulls were sharply rejected following a rally to $0.45. The fact that the rejection was followed by a day of selloffs means that bears are firmly in control. If the ongoing selloff continues, then Tron could drop to around $0.154, a key multi-day support level. Given that Tron is currently trading at $0.23, this means there is still significant room for a correction.

Despite the ongoing selloff, there is a ray of hope for Tron in the short term. One factor that could trigger a rebound is that Bitcoin’s dominance appears to be hitting significant resistance at 59.80%. 

This could mean that Bitcoin’s dominance is about to go down, and alt-season is about to start. Such a possibility could make Tron’s current correction an opportunity to buy, with the first target being its recent all-time high of $0.45.

Recap

Tron is in a correction and could be headed lower. If the correction continues, Tron’s price could be headed to prices as low as $0.15 in the short term. However, with Bitcoin dominance facing significant resistance at 59.80%, altcoins could be about to rebound. This makes the case for a possible Tron rebound in the short term.