As a seasoned analyst with over a decade of experience in the crypto market, I’ve seen more than a few bull runs and bear markets. The current situation with TRON (TRX) is intriguing, to say the least.
As an analyst, I observed a minor decrease of 0.76% in TRON’s price, landing it at $0.156 during Sunday’s trading session. The pressure to sell could be linked to the dip in Bitcoin‘s price falling below $60000, suggesting that the ongoing market consolidation persists. Could this sideways movement potentially revive the bullish sentiment within the crypto market?
TRON Price Analysis Hints Key Support Test Amid Market Uncertainty
Analyzing Tron’s price, we saw a significant surge from $0.117 to a peak of $0.17, representing a 45% increase amidst the unstable market conditions in August. This upward trend gained even more momentum after the introduction of SunPump, a meme coin generator comparable to Solana’s PumpFun. This tool empowers users to develop and launch their own meme cryptocurrencies on the Tron network.
Despite a 7.6% drop in TRX price this week to $0.156, its market cap also fell to $16.7 Billion. This recent decline may be a brief pause for the bulls to regroup and restore their bullish energy, as well as find solid support for another potential rally.
If market turbulence continues, the TRON price forecast indicates a potential drop of around 7.5%, which might lead to retesting the collective support at approximately $0.144 and the 50-day Exponential Moving Average. If this support level is maintained, the buyers could potentially spark an upswing beyond $0.17.
As a researcher, I’ve discovered through Intotheblock analytics that an overwhelming majority of Tron (TRX) holders – approximately 140.5 million addresses – currently find themselves in a profitable position. This implies that about 82.76 trillion TRX are generating returns, or as we say in the crypto world, these TRX are ‘in the money’.
Conversely, approximately 120.92 million TRX, owned by around 406,230 different wallets, are currently showing a loss or “underwater.” However, this distribution suggests that a majority of crypto holders are in profit, thereby diminishing the likelihood of widespread panic selling due to losses.
Additionally, TRON’s Total Value Locked (TVL) has climbed from $6.8 million to $8.17 million over the past month, representing a 20% increase. This rise suggests an influx of capital into its system, suggesting increased investor confidence and broader use of its DeFi offerings.
Additionally, our examination of TRON’s price movement suggests an upward trajectory is being supported by a rising trendline that acts as a safety net for those buying during dips. But if the price should fall below this support, it might trigger increased selling activity, which could potentially cause a substantial drop in value.
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2024-09-01 17:41