- TRX is likely to see huge liquidation around the $0.14 price mark.
- The token value has dropped slightly in the past 24 hours.
On March 8, IntoTheBlock published a post. tweet highlighting There are more than 98% of Tron’s [TRX] Holders made a profit.
This token may seem like a good deal, but it’s not as simple as it seems.
Tron will turn bearish in the near future?
If a high proportion of investors is making a profit, then they may be planning an exit and exerting pressure to sell. AMBCrypto compared the data of Hyblock Capital to determine if this was true.
We found that TRX can be liquidated at just under $0.14.
At the time of publication, the price of the token had already begun to fall. According to CoinMarketCapTRX has dropped by 0.5% over the past 24 hours.
TRX traded at $0.1368, with a capitalization over $12 billion.
AMBCrypto checked Tron’s chart daily to see if the selling pressure has already increased. The Chaikin Money Flow chart (CMF), which measures the money flow, registered a downward trend. This indicates that there is more selling pressure.
The MACD of the stock also showed a bearish cross-over, which meant that there was a high probability of further price drops.
Bollinger’s band, however, indicated that TRX entered a zone with less volatility, which could help to minimize the token’s price drop.
Tron’s Network Activity remains Top-Notch
The Tron blockchain continues to grow in adoption and usage, despite the token’s bearish price.
For instance, our look at TRONSCAN’s data It was laudable that the blockchain has recently exceeded $11 trillion, in terms of transfer volume.
Read more Tron’s [TRX] Price Prediction 2024-25
TRX had a total number of transactions of $7.2 billion at the time this article was written, and a total of 216.8 million accounts.
It will be interesting to see if the robust network activity of the blockchain has a positive effect on TRX’s value.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
Source: ambcrypto.com