In a surprise move, Justin Sun, founder of TRON (TRX). Transferring a huge reserve of TRX to Binance. Earlier, TRX price was challenging broader declines in the market. However, the recent decline has reversed this trend. Currently, Tron has moved away from the crucial resistance point of $0.124.
Justin Sun, founder of Tron, transferred $21 million of TRX to Binance
According to Arkham Intelligence data, Justin Sun's team has reportedly started offloading 173.821 million TRX. Valued at approximately $21.37 million, it was transferred to Binance on Thursday, June 27. Besides that, they also transferred 120.149 billion BitTorent (BTT). Worth about $105,000. In addition, they also transferred 20.293 billion WINkLink (WIN). Which is equivalent to about $1.79 million.
This week, the cryptocurrency market showed a renewed rebound starting Monday. Moreover, TRON buyers focused on key resistance levels to support further rises. Unlike most major digital currencies that followed Bitcoin in a new correction. TRX maintained its position above the local bottom at $0.11. This has demonstrated resilience in the face of the overall market trend.
Will the price of TRX fall after the dump?
In June, TRX's bullish shift sent the cryptocurrency's price 11% higher and reached a high of $0.125. Its market value rose to $10.73 billion despite the noticeable decline today. Daily chart analysis shows that this recovery is supported by an upward trend line that has been in place since mid-November 2023.
In a post dated June 26 on X. Cryptocurrency analytics firm IntoTheBlock revealed that the number of active addresses on the TronDAO network has been steadily increasing since the beginning of the year. The daily average of active addresses is now approaching 2.5 million. Moreover, this number significantly outpaces other leading Layer 1 networks. The increase in active addresses underscores the growing adoption and usage of the TronDAO network.
In case of sustained buying, Tron buyers can challenge the recent high resistance at $0.127. If this resistance turns into potential support, TRX could jump above 12%. Reaching resistance at $0.143. However, the recent dumping has raised fears of a rapid decline in prices.
This week saw a decline in altcoin sales, as Bitcoin settled above $60,000. However, the downward momentum has not fully rebounded. Which indicates the possibility of further decline. TRX may revisit the uptrend line to gain support for the next upward move.