Cryptos Extend Losses, Tron (TRX) Revisits $0.10

The third week of April was one to forget for crypto bulls. Prices fell across the entire asset class, notably in Bitcoin BTC (-21.6%), Ethereum ETH (-7.59%), and Litecoin LTC (-17.8%). The damage felt by the up-and-comers was far worse, as evidenced by losses in Tron TRX (-38.4%), Polkadot DOT (-27.4%), and Dogecoin DOGE (-46.2%). With the weekend quickly approaching, there’s fresh uncertainty in the cryptosphere.

As always, any talk of regulation shakes crypto values dramatically. This week has brought approval of the Eliminate Barriers To Innovation Act of 2021 by the U.S. House of Representatives. If the bill passes Congress and the POTUS signs off, it is a potential cryptocurrency game-changer. Here’s a few of the bill’s key provisions:

• Mandates a task force for addressing the digital asset markets.
• Promotes cooperation between the United States Securities and Exchange Commission (SEC) and Commodity Futures Exchange Commission (CFTC). 
• Main goals are to be the management of crypto markets, intermediaries, and security.

In short, the U.S. government is going to begin seriously looking into all things cryptocurrency. The markets aren’t too fond of this idea and long gone is the bullish sentiment of early April. Now, even upstarts such as Dogecoin and Tron have quickly entered correction.

Tron (TRX/USD) Returns To $0.10

No matter the asset or market, big-round-numbers are important. Right now, the key level facing Tron is the $0.10 handle.

Overview: At press time (about 1:45 PM EST), Tron is in danger of closing in the red for the seventh time in eight sessions. Barring a major turnaround, the TRX/USD will continue to see two-way action near $0.10.

As we roll into the weekend, a support level worth watching in Tron is the macro-62% retracement at $0.08. If prices take out the $0.10 psyche barrier, $0.08 is next up for scrutiny.