- TRX Token Price had increased by 80% last year.
- The Tron Token Liquidity was certainly low compared to market capitalization.
The Tron Token The price exhibited medium volatility resulting in 3.5%, indicating price stability. It had a strong market presence followed by a market capitalization dominance of 0.60%. This showed its strong presence in the crypto market.
An increase in Tron Token It saw a huge demand, which followed a 2.9% increase in market cap. Additionally, the token’s trading volume increased by 22% in the last 24 hours, resulting in a trading value of $371.819 million.
The Tron was the eleventh largest cryptocurrency in the global crypto market with an infinite maximum supply. Furthermore, the market capitalization value of the token was $11.694 billion, followed by a circulating supply of 86.958 billion TRX.
The sentiment regarding the token price was optimistic according to analysts, while the market’s fear and greed index was at 25. This showed extreme fear among investors.
An increase in derivatives activity was also observed. This resulted in a 30% increase in derivatives volume traded in the last 24 hours. Open interest also increased by 20% and more short positions in the token were liquidated.
Tron Token Financials and Ownership Data
Tron Token had 251.259 million holders at the time of writing, followed by the same number of active addresses.
The holder chart also showed a steady increase in the number of token holders over the past few months.
Additionally, 94% of token holders made a profit, while 6% of holders were in the money. The concentration of large holders in the token was 66%, and the price correlation with Bitcoin was 0.83.
Furthermore, 61% of token holders have owned it for over a year and only 6% for less than a month.
Technical analysis of the TRX token
The TRX Price has shown steady and continuous growth in recent years, proving resilience and upward trend.
In the last eight months TRX has maintained a dynamic trend line that has supported the cryptocurrency’s continued rise.
Recently, TRX recovered from a swing low of $0.00110 that coincided with this trendline. In the last 15 days alone, the price is up 15%, underscoring the strength of its ongoing uptrend.
At the moment, TRX is trading within a rising wedge pattern, a formation that typically signals an existing uptrend. If TRX This pattern can be broken, which could trigger a significant price increase and further strengthen the upward momentum.
Analysis of technical indicators for Tron token
TRX has shown notable strength by trading above both the 50-day and 200-day EMA, with these moving averages forming a golden cross – a strong bullish signal. The current price is 4% above the 50-day EMA, highlighting the momentum behind the ongoing trend.
TRX/USD chart by TradingView.com
The MACD and signal line have also embarked on a bullish trajectory, with the chart displaying a series of bullish histograms. These indicators trading in a golden cross further reinforce the positive outlook for TRX.
The Relative Strength Index (RSI) has also climbed into the overbought zone, supported by a breakout above the 14-day SMA. This increase highlights the strong dominance of positive momentum in TRX’s price action and signals continued upside potential.
The TRX token could find support at $0.10 and $0.110, followed by resistance levels at $0.150 and $0.20.
Disclaimer
This article is for informational purposes only and does not constitute financial, investment or other advice. The author or anyone mentioned in this article is not responsible for any financial loss that may arise from investing or trading. Please do your own research before making any financial decisions.
