Tron (TRX) Price Analysis: Whale Selling Pressure Impacts Market Trends
Chuangwhale’s Sell Option
The Tron (TRX) price is currently on an upward trend, but recent market dynamics have been influenced by a mix of demand and profit-taking activities. In this scenario, whales – influential investors with substantial TRX holdings – have been selling off their assets, potentially hindering further price increases.
Notably, addresses holding between $1 million and $10 million worth of TRX have collectively sold over $23 million in the past 72 hours. This significant selling pressure has led to a decrease in the total TRX supply from $624 million to $611 million.
While this quick sell-off may be aimed at capitalizing on the recent price surge of TRX, it could also have a negative impact on both the token and its investors. The current price of Tron hovers around $0.136, with expectations of breaking above the $0.137 resistance level to potentially reach $0.144.
TRX Price Prediction: Before New Highs
Despite the recent 7.6% increase, the TRX price faces challenges in surpassing the $0.137 resistance. If the selling pressure from whales persists, TRX could retreat towards the 61.8% Fibonacci retracement level, acting as crucial support.
However, if market demand outweighs the impact of whale behavior, TRX may still have the chance to climb above $0.137 and even test the yearly highs of $0.144. A decisive move above this level could invalidate the bearish scenario and pave the way for new highs in 2024.
Conclusion
In conclusion, the Tron (TRX) market is currently facing a delicate balance between whale selling pressure and investor demand. The outcome will determine whether TRX can sustain its upward momentum and potentially reach new price highs.
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