As a seasoned analyst with over two decades of experience in the volatile and ever-evolving crypto market, I have seen my fair share of price swings and trends that could make even the most stoic among us question our convictions. However, when it comes to Tron (TRX), I remain optimistic, backed by a combination of technical analysis and fundamental insights.
Regardless of a positive market forecast, the Tron price dropped by 2.17% to reach $0.148 in Friday’s trading. The downward trend indicates that the correction might continue for some time, but the current price level at $0.145 suggests a healthy retracement. Moreover, signs of whale accumulation hint at an approaching uptrend.
Tron Price To Rebound as 90M Long-Term Holders Supporting Stability
The daily chart of Tron demonstrates a V-shaped reversal, with the price dropping from $0.17 to $0.149 – representing a 12.65% decline over a two-week period. This pattern often suggests heavy selling activity. However, it’s important to note that despite this downturn, the buyers maintain control because the price remains above the 50% Fibonacci retracement level.
Additionally, the recent dip in TRX might be a cooling-off period following its significant surge in August due to the introduction of Sunpump memecoin generator. If the selling pressure continues, the TRX price may drop by approximately 3% and revisit the strong support at $0.14, which is backed by both the 50% Fibonacci Retracement Level and the 50-day Exponential Moving Average (EMA).
During an ongoing upward trend, this pullback point is seen as beneficial, allowing buyers to regain their bullish energy. If the base maintains its strength, the TRON price might bounce back and test the $0.55 resistance level, potentially triggering a surge towards $0.17.
Furthermore, Tether, TRON, and TRM Labs have joined forces to establish the T3 Financial Crime Unit, aimed at combating cryptocurrency-related crimes. This venture could potentially impact a larger user base, as market participants tend to prefer secure networks.
Based on data from Intotheblock analytics, it’s been observed that the number of long-term holders of Tron coin has significantly grown. Over the last year, this figure jumped by approximately 237%, nearing 90 million addresses. This upward trend suggests a rising faith in Tron’s future among investors, as they opt to keep their TRX for extended periods.
Instead, it’s important to note that the global in-and-out-the-money metric indicates that there is a significant supply of 15.12 billion TRX coins, held by 4.28 million addresses, at an average price of $0.152. If these holders decide to sell their Tron for a break-even point, it could lead to a rise in the supply of TRX, potentially causing a continuation of consolidation above the support level of $0.144. This prediction suggests that the Tron price might not experience much change beyond this support level.
As a crypto investor, viewing things from a cautious standpoint, if the seller manages to dip below the 50-day Exponential Moving Average (EMA), there’s a potential for the price to decrease by another 12%, aiming to retrace back to a strong support trendline at $0.125.
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2024-09-13 23:00