Tron (TRX) Price Analysis: Whales Impacting Market Trends
Tron (TRX) is currently experiencing an upward trend in its price, but the overall market situation is a mix of demand and profit-taking. This trend is being hindered by whales, who are influential investors making significant sell-offs that are impacting the price movement.
Chuangwhale’s Sell Option
Tron’s price is struggling to break above the $0.137 resistance level and establish a close above this point. The recent selling activities by whales, investors holding between $1 million and $10 million worth of TRX, have resulted in a decrease in total supply from $624 million to $611 million in just 72 hours.
Despite the quick sell-offs by whales, Tron’s price is expected to break above $0.137 and may even rise to $0.144. However, the profit-taking behavior of whales poses a risk to the token and its investors, potentially causing a decline in price.
TRX Price Prediction: Before New Highs
Currently priced at $0.136, Tron has seen a 7.6% increase recently. Investors are hopeful for a break above $0.137, although the chances appear slim. If Tron fails to establish support above this level, a further decline could be expected, especially with the influence of whale selling.
On the other hand, if demand prevails over whale behavior, the price could rise above $0.137 and potentially reach yearly highs of $0.144. A test and breach of this level would signal a bullish trend and set the stage for new highs in 2024.
Overall, Tron’s price analysis is influenced by whale activity and market demand, creating a dynamic price movement scenario for investors to navigate.
