On Tuesday, the cryptocurrency market witnessed a slight downtick following a robust recovery over the weekend. The Bitcoin price plunged over 3% to hit $62700 after the defunct Mt. Gox exchanged transfers of 47,229 BTC to a newly created wallet, speculated for creditor distribution. Amid the sell-off, the TRON Price Analysis signaled a minor pullback for buyers to recuperate bullish momentum for the next leap.
TRON Price Analysis: Low Volume Pullback Signals Weak Sellers Conviction
TRON Price Analysis| Tradingview
The TRX coin was among the few cryptocurrencies that resisted the broader market correction, demonstrating a robust recovery in June and July. On June 1st, the TRON price analysis showcased a bullish reversal from $0.11 support, propelling the asset by 27% to reach a high of $0.141
This rally, supported by substantial trading volume and increased network activity, suggests a sustainable upward trend.
However, the TRON price analysis projected a short pullback after reverting from the $0.141 level and plunged the asset 5.3% to trade at $0.134. This short pullback with the below-the-average trading volume indicates weak conviction from sellers.
Moreover, a recent tweet by Satoshi Club highlighted that TRON’s USDT issuance has surpassed the $60 billion mark, currently standing at $60.8 billion with a holder base of 47.3 million. This milestone makes TRON the first and only blockchain to have a single stablecoin exceed $60 billion in issuance.
📈TRON $USDT issuance surpasses $60 billion, now at $60.8B with 47.3M holders. @trondao is the first and only blockchain to have a single stablecoin exceed $60 billion. pic.twitter.com/j4AESWnLiC
— Satoshi Club (@esatoshiclub) July 16, 2024
The tweet accentuated TRON’s significant achievement in the crypto market, emphasizing its leading position in the stablecoin sector. This development is notable for its potential impact on the stability and growth of the TRON blockchain ecosystem.
Even if the supply pressure persists, the TRON price prediction hints at a 7-8% pullback before it hits the major support trendline intact since November 2022.
The dynamic support assists the altcoin with fresh higher low formation, suggesting a key accumulation point for buyers during the market correction. If the support trendline holds, the TRX price could rechallenge the $0.18 high and hit the $0.2 high.
Technical Indicator:
BB Indicator: An uptick in the upper boundary of the Bollinger Band Indicator indicates the bullish trend remains intact. While the midline acts as steady pullback support.
Average Directional Index: The ADX slope at 25% indicates the prevailing bullish momentum has more fuel before it hits exhaustion.
Frequently Asked Questions (FAQs)
A bullish reversal occurs when a cryptocurrency’s price changes direction from a downtrend to an uptrend.
USDT issuance refers to the amount of Tether (USDT), a stablecoin, created and circulating on a blockchain.
The Bollinger Band Indicator is a technical analysis tool that measures market volatility. It consists of a middle band (a simple moving average) and two outer bands (standard deviations from the middle band).
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Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
