- The price of the Tron Coin was down by 44% from its all-time high mark.
- About 99% of TRX holders were in profit at the time of writing.
The trading volume for the Tron Coin has advanced by 36% in the last 24 hours, resulting in a traded value of $877.064M. This further was 6.07% of the coin’s overall market cap, which showed medium liquidity.
Following the surge in coin demand, which showed a rise in demand, the market cap also advanced by 3.6% and was valued at $14.437B at press time. This made it the 9th largest cryptocurrency in the global crypto market.
The coins also had a powerful market presence and had a market cap dominance of 0.69%. Despite this, the coin’s price was highly volatile resulting in a volatility of 8.73% which might lead to uncertain spikes in price.
The price sentiment of Tron coin was bullish as per Coincodex and the fear and greed index was at 55. This showed greed among the token’s investors. The value of the derivatives traded volume for the Tron coin advanced by 47% in the last 24 hours resulting in $535.79M.
Following the surge in derivatives volume, the open interest of the coin also witnessed an advance of 15.38% resulting in $194.39M, and short liquidation in the coin was huge. This showed the dominance of bulls in the token price.
Holders Data Overview Of Tron Coin
The Tron coin had 253.383M holders at the time of writing and its top 10 holders held 22.28% of the total supply. The number of coin holders also advanced over time which showed a rise in investors confidence.
The Total Value Locked for the Tron (TRX) coin also advanced to $8.756B over time followed by a stablecoins market cap of $59.603B.
Also, at press time none of the token holders were in loss as the price traded at the new swing highs. The large holders concentration in the token was 67% and the Bitcoin price correlation was 0.41. Additionally, 61% of the coin’s total holders have held it for more than 1 year.
TRX Coin Technical Analysis
The price of TRX has demonstrated steady and consistent growth over the past few years, showcasing its resilience and maintaining an upward trajectory. This positive trend has been a testament to the cryptocurrency’s strength and market appeal.
Over the last eight months, TRX has adhered to a dynamic trendline that has consistently supported its sustained advancement.
This trendline has played a crucial role in maintaining the cryptocurrency’s upward momentum.
In the past 20 days alone, TRX has surged by an impressive 40%, reinforcing the robustness of its ongoing uptrend. This significant price movement has been accompanied by a breakout above a rising wedge pattern.
The strong momentum behind this breakout suggests that TRX could be poised for further gains, potentially driving the price to even higher levels.
Tron Coin Technical Indicator Analysis
TRX has shown significant strength by trading above both the 50-day and 200-day EMAs, with these moving averages recently forming a golden cross, a powerful bullish indicator.
TRX/USD Chart by TradingView
Adding to the bullish outlook, the MACD and signal line have shifted into positive territory, with the chart displaying a series of bullish histograms. The alignment of these indicators in a golden cross further supports the optimistic view for TRX’s price movement.
The Relative Strength Index (RSI) has also climbed into the overbought zone, bolstered by a breakout above the 14-day SMA. This upward move underscores the strong positive momentum driving TRX’s price action, suggesting that the cryptocurrency may have continued upward potential.
The Tron coin price might take support at the levels of $0.10 and $0.110 followed by the resistance levels of $0.180 and $0.20.
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
