TRON Founder Justin Sun Dumps 173M TRX To Binance, Price Dip Ahead?

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As an experienced analyst, I closely monitor the crypto market and keep track of significant events that could impact asset prices. The recent transfer of a large amount of TRX from Justin Sun’s team to Binance raised my eyebrows due to its potential implications on the TRX price trend.

In an unexpected development, Justin Sun and his team moved a large amount of TRX tokens to Binance. Prior to this transfer, the price of TRX had bucked the downward trend of the broader market. However, the recent sell-off on the exchange changed the situation. Currently, Tron is drifting away from the significant resistance level of $0.124.

Tron Founder Justin Sun Moves $21M TRX To Binance

As a crypto investor following the market closely, I’ve come across noteworthy transactions made by Justin Sun’s team last Thursday, June 28. Based on Arkham Intelligence’s data, they reportedly offloaded approximately 173.821 million TRX, valued at around $21.37 million, to Binance. Simultaneously, they transferred 120.149 billion BTT, worth roughly $105,000, and 20.293 billion WINkLink (WIN), equivalent to about $1.79 million.

After undergoing a significant transaction, the price of TRX took a noticeable dip. Yet, contrary to the market’s prevailing trend earlier in the week, TRX displayed a robust rebound. Despite Bitcoin and Ethereum hitting bottoms at $60,000 and $3,200 respectively, TRX touched a high of $0.125 over the past five weeks.

This week, the crypto market exhibited a revival beginning on Monday. Notably, TRON investors zeroed in on crucial resistance points to fuel additional gains. In contrast to the majority of significant cryptocurrencies that dipped following Bitcoin’s correction, TRX remained stable above its local support level at $0.11. This tenacity against the prevailing market downturn was evident.

Will TRX Price Dip After The Offloading?

As a crypto investor, I’ve witnessed firsthand how TRX underwent a significant bullish reversal in June, propelling its price by a robust 11% and peaking at $0.125. Surprisingly, the market cap of TRX swelled to an impressive $10.73 billion, despite today’s dip. Analyzing its daily chart reveals that this recovery is underpinned by a steadfast ascending trendline that has remained unbroken since mid-November 2023.

TRON Founder Justin Sun Dumps 173M TRX To Binance, Price Dip Ahead?

In a blog post on June 26th, crypto analysis firm IntoTheBlock reported that the number of active addresses on the TronDAO network has been continually rising since the beginning of the year. With an average of approximately 2.5 million daily active addresses, this number outpaces other major Layer 1 networks. The significant uptick in active addresses is a clear indication of the expanding adoption and utilization of the TronDAO network.

If Tron’s buying trend continues, the coin could attempt to surpass the previous resistance level of $0.127. Should this resistance transform into support, TRX might soar past 12%, reaching resistance at $0.143. Yet, recent market downturn has sparked apprehensions about an intensified price decline.

As a crypto investor, I’ve noticed that this week brought some relief as Bitcoin held steady above $60,000, leading to a decrease in altcoin selling. However, it’s important to remember that the bearish trend has not completely reversed yet, suggesting there might be more downside to come. TRX, in particular, could test its ascending trendline once again to find support and prepare for the next bullish phase.

As a researcher studying the cryptocurrency market, I’ve noticed that Tron’s price has recently managed to regain its daily Exponential Moving Averages (EMAs) at 20, 50, 100, and 200 levels. This signifies a resurgence of bullish sentiment in the market. Currently, the Tron price stands at $0.1230, representing a decrease of 1.04% relative to the previous day’s close. The price is now approaching a significant resistance level at $0.124. This level has historically proven challenging due to selling pressure and offloading actions from Sun, which could potentially limit further upward momentum for Tron.

As a researcher studying the price movements of TRX, I’ve identified potential targets for the cryptocurrency should it manage to surmount the current resistance. Should this occur, the subsequent levels of resistance are likely to be found between $0.126 and $0.128 – these were previous highs and could act as formidable barriers to further price increases. Conversely, TRX enjoys solid support near the $0.121 mark.

The level of $0.121 has been repeatedly tested and has proven to be a reliable floor for price rebounds. Below this point, the psychological support level of $0.120 holds significance, having previously offered support. These levels are essential for traders to monitor closely as they may present opportunities for entry into the market during potential price declines.

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2024-06-27 14:48