Fresh Take on TRON's latest Milestone: A Potential Breakout for TRX Ahead?
TRON Achieves $10 Billion Milestone: Divide among TRX Traders Over Significance
Hey there, crypto enthusiasts! Buckle up, we've got some exciting news brewing in the TRON (TRX) universe.
TRX, at the moment, is still holding its ground, showing signs of consolidation despite recent market victories. This consolidation phase might be coming to an end soon, with a possible breakout on the horizon, thanks to several market indicators pointing towards an impending rally.
Record-breaking transactions on TRON
According to CryptoQuant, the TRON blockchain has just smashed a record, processing a staggering $10 billion in total transaction value. This feat is a testament to TRON's growing efficiency and influence within the blockchain ecosystem, placing it alongside a select group of powerhouses.
This surge in transaction value was accompanied by a rise in daily transaction counts, touching 8.4 million on the charts.
Market reactions: The TRX roller coaster
On the back of this major milestone, large-scale TRX investors started cashing out, selling off 26.83 million TRX worth approximately $6.5 million. However, this move was countered by 13.39 million TRX purchases, valued at $3.2 million at press time. This seesaw action in the market suggests that buying activity could pick up soon.
Large-holder sell-offs typically lead to market-wide declines. But in this scenario, the opposite seems to have occurred, possibly indicating temporary profit-taking by large holders. If spot traders and large holders collaborate, TRX could be in for a significant price jump.
TRX: Price target and potential obstacles
Looking at TRX's daily chart, it seems the altcoin is positioning itself for a breakout towards the $0.32-level. Given the formation of an ascending triangle pattern, this could be an indicator of an upcoming rally.
However, TRX may face a significant resistance level around the $0.25-zone. This area is home to a dense cluster of sell orders, as per the "In/Out of the Money Around Price" (IOMAP), which could potentially impede price growth.
If buying momentum isn't strong enough, TRX may see a pullback upon approaching this zone. But if large traders decide to join the party, TRX could build the necessary momentum to blast through.
Stay tuned for more updates on TRX's exciting journey! And remember, the crypto market is a wild ride, be sure to buckle up and enjoy the roller coaster.
Oh, and by the way, we heard MicroStrategy announced an $84 billion plan for more BTC buys - that's some serious Bitcoin buying power! Go check it out if you're a BTC fan.
[1] Transaction value skyrockets on TRON network
[2] CRYPTOQUANT
[3] IntoTheBlock
[4] In/Out of the Money Around Price
- The TRON (TRX) blockchain recently processed a record $10 billion in total transaction value, reflecting its growing efficiency and influence over the blockchain ecosystem.
- The surge in transaction value was accompanied by a rise in daily transaction counts, reaching 8.4 million.
- Large-scale TRX investors have started selling off TRX, but this was countered by an equal amount of purchasing activity.
- The seesaw action in the market suggests that buying activity could pick up soon, potentially leading to a significant price jump for TRX.
- Looking at TRX's daily chart, it appears the altcoin is positioning itself for a breakout towards the $0.32-level.
- However, TRX may face a significant resistance level around the $0.25-zone, which could potentially impede price growth.
- The crypto market, including TRX and Bitcoin (BTC), is a wild ride, so it's important for enthusiasts to buckle up and enjoy the roller coaster ride.
