As a seasoned crypto investor, I’ve seen my fair share of market fluctuations and developments in the cryptocurrency space. The recent transfer of a significant amount of TRX coins, along with BTT and WIN, by Justin Sun and his team to Binance is an intriguing development that has sparked some selling pressure on Tron (TRX). However, I’m optimistic about this move as it could potentially be a strategic play to fuel further growth for the altcoin.
In a significant move, Justin Sun, the founder of Tron, and his team have shifted a combined amount of 173 million TRX tokens and additional cryptocurrencies worth over $118 million to the crypto exchange Binance. Specifically, they transferred 173 million TRX coins valued at around $26 million, as well as 120.149 billion BitTorrent (BTT) tokens worth approximately $105,000 and 20.293 billion WINkLink (WIN) tokens valued at roughly $1.79 million.
TRon (TRX) is currently experiencing a slight decrease of 0.86%, trading at $0.1232 with a market capitalization of $10.7 billion, despite a significant downturn in the altcoin market over the past week. Remarkably, TRX has managed to surge by 6% in this period, surpassing Avalanche (AVAX) and Shiba Inu (SHIB) to claim the position of the 11th largest cryptocurrency by market cap.
On June 26, IntoTheBlock, a renowned crypto analysis firm, published a blog post highlighting a noteworthy trend on the TronDAO network. The number of active addresses has been gradually increasing since the start of the year and is now approaching 2.5 million daily. This figure surpasses that of other prominent Layer 1 networks, underscoring the escalating popularity and utilization of TronDAO.
Starting from the new year, there’s been a continuous growth in the count of active TronDAO wallets, reaching nearly 2.5 million on average per day. This figure significantly outperforms other prominent Layer 1 networks.
— IntoTheBlock (@intotheblock) June 26, 2024
Should the purchasing trend persist, Tron investors may aim to transform the previous resistance at $0.127 into a support level. If they manage to accomplish this, the TRX price could surge by approximately 12%, potentially reaching the subsequent resistance of $0.143. However, it will be intriguing to observe if the broader cryptocurrency market will back up this advancement.
Tron (TRX) Price Breakout
As a crypto investor, I’ve been closely monitoring the daily chart of TRX. The bullish trend is evident, and based on technical analysis, TRX is about to finish forming the right shoulder of an inverse head and shoulders pattern. This pattern’s neckline is located at $0.13. Breaking above this level would be a strong indication of the continuation of the upward momentum, which could potentially result in a new record high of around $0.158.
Photo: TradingView
- Supporting this bullish possibility are the daily RSI and MACD readings. Both indicators show a bullish divergence aligned with the pattern. Additionally, the MACD has moved into positive territory, and the RSI is nearing the 70 mark.
Instead of “On the other hand,” you could use “However,” or “In contrast.” Regarding Tron Network’s decentralized autonomous organization (DAO), TronDAO, there is a projection of substantial income expansion. The potential to amass approximately $1.65 billion in fees over the next twelve months is within their reach.
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2024-06-27 17:42