The group behind TRON (TRX) founder Justin Sun unexpectedly moved a sizable TRX reserve to Binance. The current drop in exchange altered the trend in which the price of TRX had been resisting the general market falls. Tron has now moved away from the critical $0.124 resistance level.
CEO of Tron Justin Sun Transfers $21 Million TRX To Binance
Data from Arkham Intelligence indicates that on Thursday, June 27, Justin Sun’s group allegedly started dumping 173.821 million TRX to Binance, worth about $21.37 million. In addition, they transferred 120.149 billion BitTorrent (BTT), or roughly $105,000, concurrently. They also moved 20.293 billion WINkLink (WIN), almost $1.79 million.
After making such a large transfer, TRX’s price dropped significantly. Nevertheless, TRX had demonstrated a robust comeback earlier in the week, defying general market tendencies. TRX touched a five-week high of $0.125, while Bitcoin and Ethereum had lows of $60,000 and $3,200, respectively.
This week, Monday saw a fresh uptick in the cryptocurrency market’s recovery. Additionally, buyers of TRON concentrated on significant resistance levels to bolster future rallies. As Bitcoin entered a new drop, most significant cryptocurrencies trailed behind, although TRX stayed above the local bottom at $0.11. This showed tenacity in the face of the general market trend.
After the offloading, would the price of TRX drop?
TRX’s optimistic reversal in June saw the cryptocurrency price rise 11% and hit a high of $0.125. Despite the drop reported today, its market capitalization rose to $10.73 billion. According to daily chart analysis, an ascending trendline that has been stable since mid-November 2023 supports this comeback.
Crypto analytics company IntoTheBlock disclosed on June 26 on X that the quantity of active addresses on the TronDAO network has been continuously rising since the beginning of the year. Currently, there are around 2.5 million active addresses on a daily average. Moreover, this number outperforms the other top Layer 1 networks. The increase in active addresses is evidence of the TronDAO network’s increasing uptake and utilization.
If Tron buyers continue to buy, they may be able to test the last swing high resistance of $0.127. Should this resistance materialize as possible support, TRX may surge above 12% and encounter opposition around $0.143. But there are worries about a rapid price decline after the most recent dump.
This week, as Bitcoin stabilized above $60,000, altcoin sales decreased. The bearish momentum hasn’t entirely reversed, though, suggesting that there may be further downside. TRX may go back to the rising trendline to find support before making another move higher.
A return to cheerful optimism is indicated by the Tron price regaining the daily Exponential Moving Averages (20, 50, 100, and 200). The cost of TRX is down 1.04% as of the publication, trading at $0.1230. At $0.124, a critical resistance level is being tested. The selling pressure that has been present during Sun’s dumping has made this price level difficult.
If TRX can rally and overcome this barrier, the following goals are between $0.126 and $0.128. These could be the following resistance zones because they were previous highs. Around $0.121, TRX has significant support on the downside.
Tested several times, the $0.121 level has reliably served as a floor for price rebounds. A psychological support level of $0.120 is below this and provides recent support. Traders should monitor these levels since they offer possible entry points if the price dips.
