Most altcoins have hit significant lows this month, but there are exceptions. One of them is TRX Coin. Bitcoin (BTC) was at $61,350 at the time of writing. Concerns about over $10 billion worth of BTC being sold on crypto exchanges in July accelerated sales. So, what is the current situation for TRX Coin as we approach the end of June?
Tron (TRX)
TRX price is trading at $0.12, its peak from 30 days ago, and has increased by about 10% this month. On-chain data shows that the rise in TRX price is supported by increasing demand from market participants. While BTC’s daily RSI is at its yearly low, TRX is above the neutral zone. The overbought level in RSI is 70, and TRX is at 66.25. This confirms the strength of the demand.
The RSI at 66.25, indicating accumulation, has led some investors to take profit. Although TRX inflow to exchanges has increased by 4% in 30 days, this has not triggered significant price losses. At the time of writing, there are 181.8 TRX on exchanges.
The Parabolic Stop and Reverse (SAR) indicator also confirms buying pressure. This indicator tracks price trends, providing investors with insights on direction. The only current negative is that BTC has not surpassed $62,500. If BTC tests below $60,000 again, it may dampen buyers’ appetite.
TRX Coin Price Prediction
If the increase continues, the first key hurdle for the bulls will be $0.127. This level was last tested in May, after which the price saw a drop of over 13%. The support level of $0.118 is currently solid. However, if this support is lost, the price may drop to the $0.110 and $0.105 bases.
Further down, there is support at $0.0965. BTC price is not typically known for major rises in the summer months. Considering the potential sale of over $10 billion in July, we might not see a supportive general market for TRX in the coming weeks. However, crypto can sometimes move contrary to dominant expectations.
