TRON Price Analysis As TRX Outperforms with Highest Active Addresses, Is $0.14 Next?

07/08/2024 23:31

TRON Price Analysis: TRC notable growth in June, stabilizing in early July amid a market sell-off. With $13.1M TRX withdrawn, signaling accumulation, and leading with 1.83M active addresses, TRON holds promise.

TRON Price Analysis: On Monday, the cryptocurrency market witnessed an uptick in demand pressure as Bitcoin jumped 4% to hit $58200. The altcoin market was quick to follow this momentum as most of the major altcoins including TRON sought strong support. Thus, the TRX price jumped 0.4% from 20D EMA today preventing a sharp further downfall. Will this recovery be sustained?

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TRON Price Analysis: TRX Sees Largest Withdrawal in Over a Month

BINANCE:TRXUSDT Chart — TRON Price Analysis| Tradingview

The TRON coin emerged among the few cryptocurrencies that showed notable growth in June and stability in the early July sell-off. The bullish recovery uplifted the asset from the last swing low of $0.11 to a high of $0.131 registering an 18.57% growth.

Amid the current market consolidation, the recovery witnessed supply pressure at $0.13 shifting the trend sideways.

By the press time, the TRON coin trades at $0.125, while the market cap holds at $10.9.

Earlier today, IntoTheBlock reported a substantial withdrawal of $13.1 million worth of TRX (Tron) from cryptocurrency exchanges. This movement marks the largest TRX withdrawal in over a month, suggesting a phase of accumulation.

$13.1 million worth of $TRX was withdrawn from exchanges yesterday. This is the largest in over a month, signaling accumulation. pic.twitter.com/kq8mUV6xgr

— IntoTheBlock (@intotheblock) July 8, 2024

Such significant withdrawals often indicate a bullish sentiment among investors, as they move their assets to personal wallets, hinting at a long-term holding strategy.

Moreover, the on-chain data tracker Lookonchain revealed that TRON (TRX) has reached an impressive milestone by becoming the leading blockchain in terms of 24-hour active addresses. With 1.83 million active addresses, TRON outperformed other prominent blockchains such as Polygon (1.18 million) and Solana (829.8K).

If the supply pressure, the TRON price could plunge 3.5% to hit an ascending trendline at $0.12. This dynamic support intact since November 13th maintains a higher low series for buyers.

The renewed demand pressure could bolster the TRX coin to challenge the $0.143 high and chase a potential target of $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.

Frequently Asked Questions (FAQs)

A bearish crossover suggests that sellers are gaining strength, which could indicate a potential downward trend for TRX

Active addresses refer to the number of unique wallet addresses that have participated in transactions on a blockchain within a specific time frame, such as 24 hours.

Supply pressure occurs when there is a significant amount of a cryptocurrency available for sale, often leading to a decrease in its price

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Disclaimer

Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.