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TRON

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TRON price analysis shows a slight downtick of 0.76% to $0.156 on Sunday trading session. The intraday selling pressure could be attributed to the Bitcoin price dip below $60000, signaling the continuation of prevailing consolidation. Will sideways action recuperate the bullish momentum in the crypto market?
<h2 id="span-style-font-weight-400-tron-price-analysis-hints-key-support-test-amid-market-uncertainty-span">TRON Price Analysis Hints Key Support Test Amid Market Uncertainty</h2>
TRON price analysis showed a notable recovery from $0.117 to $0.17 high— a 45 increase amid the August market uncertainty. This bullish momentum gained further traction following the launch of the <a href="https://coingape.com/tron-founder-justin-sun-unveils-sunpump-platform-for-meme-crypto-creation/" rel="noopener noreferrer nofollow">meme coin generator SunPump</a>. This platform, similar to Solana’s PumpFun, allows users to create and launch their own meme cryptocurrencies on the TRON network.&nbsp;
However, the <a href="https://coingape.com/price/tron/" rel="noopener noreferrer nofollow">TRX price</a> plunged 7.6% to $0.156 this week, while the market cap tumbled to $16.7 Billion. Concerning the prior rally, this pullback is likely a short break for bulls to replenish the bullish momentum and seek suitable support.
If market uncertainty persists, the <a href="https://coingape.com/price-predictions/tron-trx-price-prediction/" rel="noopener noreferrer nofollow">TRON price prediction</a> hints at a 7.5% fall to retest the combined support of $0.144 and the 50-day Exponential Moving Average. If this support holds, the buyers could drive a rally past $0.17.
<figure style="width: 100%" class="wp-caption alignnone"><img decoding="async" src="https://s3.tradingview.com/snapshots/u/U2o9PBuG.png" alt="TRON (TRX) Price Analysis " width="1946" height="937">
 <figcaption class="wp-caption-text">
 TRX/USDT – 1d Chart
 </figcaption>
</figure>
According to <a rel="noopener noreferrer nofollow" href="https://www.intotheblock.com/">Intotheblock</a> analytics, 97.5% of addresses holding TRON (TRX) are currently in profit. This suggests that 82.76 Triilion TRX held by 140.5 million addresses are ‘in the money’ or profitable.&nbsp;
On the other hand, just 120.92 Million TRX, held by 406.23k addresses, are ‘out the money’ or in loss. This distribution indicates that most crypto holders are in profit, reducing the potential of panic selling.
<figure id="attachment_214916" aria-describedby="caption-attachment-214916" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="size-full wp-image-214916" src="https://coingape.com/wp-content/uploads/2024/09/image_2024-09-01_19-50-14.png" alt="Tron (TRX) GIOM" width="1588" height="505" srcset="https://coingape.com/wp-content/uploads/2024/09/image_2024-09-01_19-50-14.png 1588w, https://coingape.com/wp-content/uploads/2024/09/image_2024-09-01_19-50-14-300x95.png 300w, https://coingape.com/wp-content/uploads/2024/09/image_2024-09-01_19-50-14-1224x389.png 1224w, https://coingape.com/wp-content/uploads/2024/09/image_2024-09-01_19-50-14-768x244.png 768w, https://coingape.com/wp-content/uploads/2024/09/image_2024-09-01_19-50-14-1536x488.png 1536w, https://coingape.com/wp-content/uploads/2024/09/image_2024-09-01_19-50-14-150x48.png 150w" sizes="(max-width: 1588px) 100vw, 1588px">
 <figcaption id="caption-attachment-214916" class="wp-caption-text">
 Global In/Out of the Money| Santiment
 </figcaption>
</figure>
Moreover, TRON’s total volume locked (TVL) has surged from $6.8 million to $8.17 million since last month, registering a growth of 20%. This indicates more capital inflow into its ecosystem, reflecting heightened investor confidence and greater adoption of its DeFi services.
<iframe loading="lazy" title="DefiLlama" src="https://defillama.com/chart/chain/Tron?&amp;theme=dark" width="100%" height="360px" frameborder="0"></iframe>
Moreover, the TRON price analysis indicates that an ascending trendline is currently guiding the uptrend by offering dynamic support to dip buyers. However, a bearish breakdown below this support level could significantly increase selling pressure, potentially leading to a major price decline.
The post <a href="https://coingape.com/markets/tron-price-analysis-97-profitable-holders-0-17/" rel="noopener noreferrer nofollow">TRON Price Analysis: Will 97% Profitable Holders Push $0.17 Breakout?</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

TRON Price Analysis: Will 97% Profitable Holders Push $0.17 Breakout?

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