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This Altcoin Will Close June at the Top 🚀🔥
Although most of the altcoins have made significant bottoms this month, there are of course some exceptions. One of them was TRX Coin. Bitcoin (BTC) is at $61,350 at the time of the summer. Sales accelerated due to the fear that over $10 billion BTC would be sold on crypto exchanges as of July.
Tron (TRX)
TRX price is trading at $0.12, the peak of 30 days ago, and this month the price is up about 10 percent. When the on-chain data are examined, it is seen that the increase in the price of TRX is supported by increasing demand in market participants. BTC is above the neutral zone for TRX when the daily RSI is at the bottom of the year. The overbought level is 70 at the RSI and the TRX is at 66.25. This confirms the strength of demand.
Pointing to the accumulation, the RSI at 66.25 directed some of the investors to profit sales. Although TRX inflows to the exchanges increased by 4% in 30 days, this did not trigger significant losses in the price. At the time of the article, there are 181.8 TRX on the exchanges.
The Parabolic Stop and Reverse (SAR) indicator also confirms the purchase pressure. Since this indicator follows price trends, it gives investors an idea at the forecast point of the direction. For now, the only negativity is that BTC cannot exceed $62,500. If BTC tests below $60,000 again, this could cut buyers' appetite.
If the increase continues, the first key obstacle to the bulls will be $0.127. This level was last tested in May, then we saw the price drop by over 13%. $0.118, maintained as a support level, is solid for now. However, in the scenario where the support is lost, the price is likely to go down to the bases of $0.110 and 0.105.
Further below is the support of $0.0965. BTC price is not very familiar with the big highs in the summer. Considering that potential sales of over $10 billion are being discussed, especially for July, we may not see a supportive general market for TRX in the coming weeks.
