As a crypto investor with some experience under my belt, I’ve seen my fair share of market swings and significant price movements. The recent uptick in demand pressure that led to Bitcoin’s 4% jump was certainly a welcome sight for many investors, including myself. TRON (TRX), one of the altcoins I’ve been keeping an eye on, responded quickly to this momentum and managed to prevent a sharp further downfall by jumping 0.4%.
On Monday, Bitcoin‘s price surge by 4% to reach $58,200 triggered a ripple effect in the cryptocurrency market. TRON (TRX) and other major altcoins followed suit, demonstrating robust demand. Consequently, TRX price rose by 0.4% today, keeping it above its 20-day Exponential Moving Average (EMA). The question remains, will this upward trend persist?
TRON Price Analysis: TRX Sees Largest Withdrawal in Over a Month
In June, TRON coin stood out among a small group of cryptocurrencies with significant growth and resilience during the early sell-off in July. As a result of this bullish recovery, the asset’s price climbed from its previous low of $0.11 to a peak of $0.131, marking an impressive 18.57% increase.
As a crypto investor observing the market consolidation, I’ve noticed that the supply pressure at $0.13 has caused a shift in the trend towards the sideways direction.
By the press time, the TRON coin trades at $0.125, while the market cap holds at $10.9.
Today, according to IntoTheBlock’s report, there was a significant transfer of approximately $13.1 million in TRX (Tron) from cryptocurrency platforms. This transaction represents the largest TRX withdrawal seen in over a month, implying that some investors might be amassing more TRX.
As an analyst, I’ve noticed that approximately $13.1 million in TRX was taken out of cryptocurrency exchanges yesterday. This represents the most significant withdrawal amount in over a month’s time. Such a large transfer could potentially indicate that traders are amassing more TRX, signaling a potential accumulation trend within the market.
— IntoTheBlock (@intotheblock) July 8, 2024
Large-scale withdrawals from investments can be a sign of optimism among investors, suggesting they are transferring funds to personal accounts for potential long-term storage.
Additionally, according to the data from on-chain tracker Lookonchain, TRON (TRX) has surpassed other notable blockchains by recording the highest number of active addresses in the past 24 hours. With approximately 1.83 million active addresses, TRON surpasses Polygon‘s 1.18 million and Solana’s 829.8K.
As an analyst, I would interpret this situation as follows: If the supply pressure continues to mount, the TRON price may drop by approximately 3.5% to reach the ascending trendline at $0.12. This trendline has served as dynamic support since November 13th, establishing a series of higher lows for buyers.
The increased pressure from demand could potentially push the TRX coin to surpass its previous high of $0.143 and aim for a new goal of around $0.18.
Technical Indicator:
- MACD: A bearish crossover between the MACD and signal line suggests the sellers strengthening their grip over this asset.
- BB Indicator: A decline in the upper boundary of the Bollinger Band Indicator indicated a weakening in bullish momentum.
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2024-07-08 19:37