The price of Tron (TRX) has continued to impress, starting a bullish rally earlier than many altcoins. The price was not so much affected by the Bitcoin and Ethereum price dips that happened in recent months.
Tron’s TRX price has been rising slowly but steadily since the beginning of June. It has also enjoyed various whale accumulations and positive sentiment.
$13.1 million worth of $TRX was withdrawn from exchanges yesterday. This is the largest in over a month, signaling accumulation. pic.twitter.com/kq8mUV6xgr
— IntoTheBlock (@intotheblock) July 8, 2024
Just 3 days ago, Into the Block, an on-chain tracker, reported that whales are withdrawing TRX from exchanges, signaling that they are keeping it for the long term. According to the report, more than $13 million worth of TRX was withdrawn on July 7 alone.
Three days ago, Tron’s price decisively broke out of major resistance at around $0.13 and has since then been closing in green.
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Crypto analytics firm AltFINS also analyzed Tron (TRX). Based on their analysis, the price is in an uptrend and has broken back above the 200-day Moving Average ($0.12) to signal a trend reversal to an uptrend.
After a couple of failed attempts, it has also broken above the $0.13 resistance and could revisit $0.145 next. For anyone who wants to attempt a trade, AltFINS advises placing a stop loss at $0.124.
Source: altFINS – Start using it today
Based on their analysis, the price is going up in the short and medium term. However, we could see some retracement, as the RSI currently shows that the price is already overbought, above 70.
The nearest support zones are around $0.11, and then $0.10. For now, bulls seem to be going for the $0.145 price level, which is the nearest resistance.
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The post Tron’s TRX Price Defies Crypto Bear Market, Continues Strong After Crucial Breakout: Here Are the Next Key Levels appeared first on CaptainAltcoin.
