TRX down by more than 5% despite Tron's partnership with Dominica

Tron has become the national blockchain of the Commonwealth of Dominica, setting a record in the process and could see TRX rally in the long term.

TRX, the native coin of the Tronblockchain, has been underperforming over the past few hours. The coin is down by more than 5% in the last 24 hours and could dip further in the near term.

The poor performance comes despite Tron getting named the  National Blockchain of the Commonwealth of Dominica. 

📢#TRON becomes the National Blockchain of the Commonwealth of Dominica🇩🇲 to develop and issue the Dominica Coin (DMC), a blockchain-based fan token.https://t.co/iz8YyXqMHo pic.twitter.com/MJdS9G0Ksc

— TRON DAO (@trondao) October 12, 2022

According to the Tron team, the blockchain would play a crucial role in developing and issuing the Dominica Coin (DMC), a blockchain-based fan token. 

Tron also set a record as the first time a major public blockchain partnered with a sovereign nation to develop its national blockchain infrastructure. 

TRX’s poor performance coincides with that of the broader cryptocurrency market. The total crypto market cap has dropped below $900 billion for the first time in a month, with Bitcoin trading below $19k once again. Etheris also trading below $1,300 after losing more than 4% of its value in the last 24 hours.

Key levels to watch

The TRX/USDT 4-hour chart is bearish, as Tron has been underperforming over the last 24 hours. The technical indicators show that TRX’s performance is in line with that of the broader crypto market.

TRX/USDT Chart By TradingView

The MACD line slipped into the negative zone a few hours ago, indicating that the bears control the market at the moment.

The 14-day relative strength index of 35 shows that TRX is close to entering the oversold region.

At press time, TRX is trading at $0.06025 per coin. If the bearish trend persists, TRX could drop below the $0.05571 support level for the first time since June. However, TRX should comfortably defend the second major support level at $0.05199 in the near term. 

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