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TRON Price Analysis: On Monday, the cryptocurrency market witnessed an uptick in demand pressure as <a href="https://coingape.com/just-in-bitcoin-drops-as-german-government-transfers-4900-btc/" rel="noopener noreferrer nofollow">Bitcoin</a> 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?
Also Read: <a href="https://coingape.com/justin-sun-confirms-tron-is-building-gas-free-stablecoin-solution/" rel="noopener noreferrer nofollow">Justin Sun Confirms Development Of Gas-Free Stablecoin Solution</a>
<h2 id="span-style-font-weight-400-tron-price-analysis-trx-sees-largest-withdrawal-in-over-a-month-span">TRON Price Analysis: TRX Sees Largest Withdrawal in Over a Month</h2>
<figure style="width: 100%" class="wp-caption alignnone"><img decoding="async" src="https://s3.tradingview.com/snapshots/p/p4swEExm.png" alt="BINANCE:TRXUSDT Chart " width="1946" height="893">
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 TRON Price Analysis| Tradingview
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The <a href="https://coingape.com/blog/reasons-tron-trx-price-might-rally-soon/" rel="noopener noreferrer nofollow">TRON</a> 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.&nbsp;
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 <a href="https://coingape.com/tron-network-display-active-user-resilience-amid-price-onslaught/" rel="noopener noreferrer nofollow">TRX</a> withdrawal in over a month, suggesting a phase of accumulation.
<blockquote class="twitter-tweet">
 $13.1 million worth of <a rel="noopener noreferrer nofollow" href="https://twitter.com/search?q=%24TRX&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$TRX</a> was withdrawn from exchanges yesterday. This is the largest in over a month, signaling accumulation. <a rel="noopener noreferrer nofollow" href="https://t.co/kq8mUV6xgr">pic.twitter.com/kq8mUV6xgr</a>
 — IntoTheBlock (@intotheblock) <a rel="noopener noreferrer nofollow" href="https://twitter.com/intotheblock/status/1810281812045832214?ref_src=twsrc%5Etfw">July 8, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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.&nbsp;
Moreover, the on-chain data tracker <a rel="noopener noreferrer nofollow" href="https://x.com/lookonchain/status/1810238183151738956">Lookonchain</a> 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).
<blockquote>
 If the supply pressure, the <a href="https://coingape.com/price/tron/" rel="noopener noreferrer nofollow">TRON price</a> 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.
</blockquote>
The renewed demand pressure could bolster the TRX coin to challenge the $0.143 high and chase a potential target of $0.18.
<h2 id="span-style-font-weight-400-technical-indicator-span">Technical Indicator:</h2>
<ul>
 <li aria-level="1">MACD: A bearish crossover between the MACD and signal line suggests the sellers strengthening their grip over this asset.</li>
 <li aria-level="1">BB Indicator: A decline in the upper boundary of the <a href="https://coingape.com/education/bollinger-band/" rel="noopener noreferrer nofollow">Bollinger Band</a> Indicator indicated a weakening in bullish momentum.</li>
</ul>
The post <a href="https://coingape.com/markets/tron-price-analysis-trx-active-addresses-0-14-next/" rel="noopener noreferrer nofollow">TRON Price Analysis As TRX Outperforms with Highest Active Addresses, Is $0.14 Next?</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

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

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Altri articoli pubblicati su 8 lug 2024

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