Tron (TRX) founder Justin Sun made a surprising move by transferring a large reserve of TRX tokens to Binance, causing a significant drop in the TRX price. The transfer included 173.821 million TRX, worth around $21.37 million, as well as other tokens such as BitTorrent and WINkLink. This move came after TRX had shown a strong recovery earlier in the week, reaching a five-week high of $0.125 amid a broader market decline.
Despite the recent dump on exchanges, TRX has maintained its position above the local bottom at $0.11, demonstrating resilience against the overall market trend. The crypto market has shown renewed recovery starting from Monday, with TRON buyers focusing on key resistance levels to support further rallies. The number of active addresses on the TronDAO network has been steadily increasing, indicating growing adoption and usage of the network.
The TRX price had experienced a bullish turnaround in June, reaching a high of $0.125 and increasing its market cap to $10.73 billion. Daily chart analysis shows that this recovery is supported by an ascending trendline that has been intact since mid-November 2023. Traders are watching for potential entry points in case of a price dip, with strong support levels at $0.121 and $0.120. On the upside, TRX could challenge resistance levels at $0.127 and $0.143 if sustained buying pressure continues.
The recent offloading of TRX tokens by Justin Sun’s team has raised concerns of an accelerated price dip, despite the positive momentum in the crypto market. TRX is currently trading at $0.1230, testing a significant resistance level at $0.124. If TRX manages to break through this resistance, the next targets lie between $0.126 and $0.128, previous highs that could act as resistance zones. Traders are advised to monitor these levels closely for potential entry and exit points in their trading strategies.
