TRX is holding steady at the resistance level, as whales and investors are increasing their accumulation with a growing belief in the growth potential of this cryptocurrency. Wallet activity and cash flow on exchanges show signs of stabilization, indicating reduced selling pressure and latent interest from users. The price of TRX is currently trading in a narrow range, along with the tightening of the Bollinger Bands, forecasting strong volatility that may occur in the near future. The following article analyzes the latest developments of TRX from an in-depth perspective, assessing whale trading behavior, cash flow changes, and technical signals, helping investors gain a comprehensive and reliable view for making accurate decisions.
Accumulation by whales and smart investors is driving the TRX trend.
In the past 30 days, the amount of TRX held by whales has increased by 9.55%, while the storage volume of average investors has surged by up to 45.49%. This indicates significant confidence from large holders and experienced investors, often referred to as "smart money."
On the other hand, personal wallets only increased by 2.54%, reflecting caution from retail investors in the market. This divergence often occurs before significant price movements when institutions prepare to direct the new trend.
If the cash flow from retail investors begins to increase accordingly, TRX could enter a stronger bullish trend.
The net TRX cash flow shows signs of stabilizing after a prolonged capital withdrawal period.
After months of cash flow deficit, the current net cash flow of TRX is around the balance zone, at 495.01 thousand USD, indicating a positive shift in market sentiment.
Previously, an average of over 10 million USD in TRX was withdrawn each session, indicating strong selling pressure, but currently, there are signs that sellers are gradually exhausting. Neutral net cash flow is not an immediate bullish signal, but it suggests a temporary balance between buyers and sellers.
If the inflow increases again while the price range continues to be tightly coiled, the likelihood of TRX confirming the upward trend is very feasible.
The growth in the number of new wallets reflects the increasing interest in TRX.
In the past week, the number of new wallets in the TRON ecosystem increased by 2.79%, reflecting growing interest from potential investors and users regarding this cryptocurrency.
However, the number of Active Addresses only increased slightly by 0.64%, indicating a discrepancy between new wallet creation and actual usage levels. This may relate to speculative activity or unused wallets.
To strengthen the upward trend, a stronger price push is needed to encourage users to engage in trading more frequently, thereby increasing the On-chain strength for TRX.
The increasing social network coverage of TRX and its impact on market sentiment.
The rate of TRX mentions in the cryptocurrency community has recently increased to 0.948%, indicating significant interest from users and traders on social networks.
Although it has not reached the peak of 1.4% in mid-June, this increase corresponds to an accumulation trend and a price structure preparing for a breakout. However, emotional factors and media coverage generally only provide short-term support and cannot sustain long-term price momentum without technical factors and substantive cash flow.
TRX needs to confirm a breakout with attraction from the number of trading participants to avoid FOMO or short-term corrections.
Technical analysis of TRX: Will it break out of the current accumulation zone?
The price of TRX is currently above the rising resistance and is nearing the Fibonacci resistance level of 0.786 at 0.2875 USD, an important area for short-term price momentum.
The RSI index recorded a level of 55.15, reflecting a moderately positive buying pressure, while the Bollinger Bands are tightly coiled and the series of higher lows are both signs that bullish pressure is increasing.
If TRX surpasses this resistance level, the next target could be the Fibonacci level of 1.618 at 0.3178 USD. Conversely, there may be a pullback to support the resistance area.
Currently, the technical trend structure of TRX still leans towards the possibility of an increase, but a decisive breakout is needed to activate a sustainable upward trend.
Challenges and opportunities for TRX in the current phase.
TRX has a solid technical foundation, supported by the accumulation of whales and improved market sentiment, creating a precedent for future growth.
However, the caution of retail investors and the low level of user interaction on the blockchain are hurdles that need to be overcome.
If the price continues to break out accompanied by rising trading volume and participation, TRX could completely open up a strong bullish trend towards new highs.
Meanwhile, the consolidation and accumulation phase continues to play a dominant role, helping the market prepare for the next volatility.
Source: https://tintucbitcoin.com/chi-so-tron-bao-hieu-but-pha-trx/
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