TRX Dips 2.77% as Whales Take Profits
Key Takeaways
- TRX (Tron) lost 2.77% in value over the past 24 hours.
- Large investors (“whales”) sold over 8.27 million TRX.
- Despite the decline, overall market sentiment remains positive.
- Technical indicators suggest a possible continuation of the downward trend.
- Over 84% of TRX holders are still in profit.
Why the TRX Price Dropped
Over the past 24 hours, TRX experienced a significant price drop of 2.77%. The main reason was the sale of large amounts by so-called “whales” – investors who hold significant quantities of a cryptocurrency. In total, more than 8.27 million TRX worth around 2 million USD were offloaded.
This selling activity was likely driven by profit-taking. In the preceding weeks, TRX had gained 9.84%. The price approached a resistance level based on the Bollinger Bands – a technical analysis tool commonly used to identify price boundaries. Contact with the upper band often signals an upcoming correction.
Technical Analysis: These Price Levels Are Now Key
The Bollinger Bands indicate two key support zones:
- Middle band at approximately 0.2398 USD – potential turning point downward.
- Lower band around 0.2246 USD – possible strong support.
Another tool, the Average Directional Index (ADX), currently shows an increasing trend. This suggests that the downward trend is gaining strength. If the price falls below the middle band, a test of the lower support is likely.
Positive Signals Despite Price Drop
Despite the short-term decline, the overall market outlook for TRX remains positive. According to on-chain data, approximately 84% of TRX holders are currently in profit. This indicates a strong willingness to hold – many investors see no reason to sell.
Additionally, the TRON blockchain generated over 2.2 million USD in transaction fees in the past 24 hours. That’s more than any other blockchain during the same period. This level of activity points to strong user interest and high network utilization – both are positive fundamental indicators.
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What Could Happen Next
The current price movement could be part of a short-term correction before the trend resumes upward. The market structure remains bullish. The key will be whether the price can hold the support at 0.2398 USD. If not, a test of the 0.2246 USD level is likely.
In the long term, the current weakness could present a buying opportunity – assuming the positive fundamentals remain intact.
Our Assessment
In the short term, TRX is showing weakness, triggered by selling from large market participants. From a technical perspective, further decline is possible. However, the long-term picture remains stable. The high activity on the TRON blockchain and the large number of profitable investors indicate continued confidence in the project. If you are invested in TRX or considering it, it’s worth keeping an eye on the support levels and watching for possible stabilization.
Long-term investors could benefit from the current correction – provided the fundamentals do not deteriorate. Monitor price movements and technical indicators closely before making any decisions.
Sources
- IntoTheBlock
- TradingView
- Artemis
| Symbol | TRX |
| Coin type | Alt Coin |
| Transaction Speed | High |
| Pros |
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| Cons |
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| Further practical applications | |
| Price | $0.24 |
| 24h % | 0.19 % |
| 7d % | -1.13 % |
| 30d % | 7.05 % |
| 60d % | 0.45 % |
| 1y % | 113.66 % |
| Market Cap | $23,149,841,339.00 |
| Official Links | Website | Source Code |
| Socials | Reddit | X |
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