Bitcoin and altcoin markets are experiencing a day filled with increases. In today’s crypto landscape, it seems there are a few clouds over the Tron (TRX) community. As highlighted in the latest tweet from IntoTheBlock, more than 98% of TRX holders are in profit. While this may seem like a positive sign at first glance, the situation is actually a bit more complex. Let’s look at the details.
Risky Days Begin for Tron
There are uncertainties about the near future of the cryptocurrency Tron. When a large portion of investors are in profit, they often encounter selling pressure. Analysis based on Hyblock Capital data suggests this scenario could unfold.
It is indicated that a significant amount of TRX could be liquidated just below the $0.14 mark. Indeed, prices seem to have already started to fall somewhat. TRX has been observed to have lost 0.5% of its value in the last 24 hours.
Currently, the cryptocurrency TRX is trading at $0.1368 and has a market value of over $12 billion. On the other hand, we looked at Tron’s daily chart to see if selling pressure is increasing. The Chaikin Money Flow (CMF) indicates an increase in selling pressure. The MACD also shows a downward trend, suggesting that prices could fall further.
However, the Bollinger Bands show that the cryptocurrency TRX’s price has entered a less volatile region, which could help minimize the price drop of the token.
Tron’s Network Activity Continues to Be First Class
According to TRONSCAN data, the Tron Blockchain has recently surpassed a total transfer volume of $11 trillion, achieving a quite impressive feat. This development shows that Tron is being adopted and used strongly.
Currently, TRX’s total transaction count has exceeded $7.2 billion, and there are a total of 216.6 million accounts. This demonstrates how active the Tron network is and how popular it is among users.
It will be exciting to observe whether this strong network activity of the Blockchain will have a positive effect on the price of TRX. As Tron’s adoption rate and usage increase, it is likely that the price will follow this momentum. However, it should not be forgotten that such a high profitability rate could bring a wave of sales for Tron TRX.
