Altcoins are not experiencing good days, and whale negativity might escalate the situation. Bitcoin remains the same as yesterday and the day before. Demand is weak, appetite is significantly dampened, and a significant upward breakout is needed. For now, there are no signals of this, but the possibility of a decline for TRX is becoming apparent.
TRX Coin Commentary
BTC lingered at $58,500, and Monday brought another decline. Yesterday, although the price attempted to stay above $60,000, profit-taking at high levels turned the direction downward. Meanwhile, the accumulation of short positions during the decline once again highlights those expecting a dip close to $50,000. Access COINTURK FINANCE to get the latest financial and business news.
If the movement of the last few months repeats, those taking short positions around $60,000 will easily profit again. Even though months have passed since the halving, the lack of parabolic movements further encourages the bears. However, historical data advises us not to forget the potential for sudden, painful upward movements for the bears.
Tron (TRX) faces resistance at $0.137. The upward attempt caused addresses holding between $1 million and $10 million worth of TRX to sell $23 million. Their total holdings decreased from $624 million to $601 million in 72 hours.
This seems like a short-term logical move for investors who profit in the current crab market environment.
TRX Coin Price Prediction
Whales believe the recent upward attempt will not lead to strong closes above $0.137. If they are wrong, the rise could continue up to $0.144. This would bring a potential sale risk of $45 billion according to the GIOM chart. As the annual peak approaches, accelerated whale sales will not be surprising.
The price lingering at $0.136 gained over 7%. If the resistance is not broken, a decline will start again. In this process, the potential for profitable whales to continue selling to not miss out on profit realization opportunities is strong.
For now, with a failed resistance test, the decline, and resistance above closing, the possibility of a rally towards the 2024 peak will be watched by investors, with an eye on potential sudden BTC fluctuations.
