Altcoin
TRON Founder Justin Sun Dumps 173M TRX To Binance, Price Dip Ahead?
In a surprising move, TRON (TRX) founder Justin Sun’s team transferred a massive TRX reserve to Binance. Earlier, teb TRX price had been defying the broader market declines, however, the recent dump on exchange reversed the trend. Currently, Tron has distanced from the crucial resistance point of $0.124.
Tron Founder Justin Sun Moves $21M TRX To Binance
According to Arkham Intelligence data, Justin Sun’s team reportedly initiated a dump of 173.821 million TRX, valued at approximately $21.37 million, to Binance on Thursday, June 28. Alongside this, they also moved 120.149 billion BitTorent (BTT), worth around $105,000. In addition, they also shifted 20.293 billion WINkLink (WIN), equivalent to about $1.79 million.
Following this substantial transfer, the price of TRX experienced a notable decline. However, earlier in the week, TRX had shown a strong recovery, defying broader market trends. While Bitcoin and Ethereum reached lows of $60,000 and $3,200 respectively, TRX hit a five-week high of $0.125.
This week, the crypto market showed renewed recovery starting from Monday. Moreover, TRON buyers focused on key resistance levels to support further rallies. Unlike most major cryptocurrencies that followed Bitcoin into a fresh correction, TRX maintained its position above the local bottom at $0.11. This demonstrated resilience against the overall market trend.
Will TRX Price Dip After The Offloading?
In June, TRX’s bullish turnaround uplifted the crypto price by 11% and reached a high of $0.125. Its market cap increased to $10.73 billion despite the decline noted today. Daily chart analysis shows this recovery is supported by an ascending trendline that has been intact since mid-November 2023.
In a June 26 post on X, crypto analytics firm IntoTheBlock revealed that the number of active addresses on the TronDAO network has been steadily increasing since the start of the year. The daily average of active addresses is now approaching 2.5 million. Furthermore, this figure significantly surpasses other leading Layer 1 networks. The surge in active addresses underscores the growing adoption and usage of the TronDAO network.
In case of sustained buying, Tron buyers could challenge the last swing high resistance of $0.127. If this resistance turns into potential support, TRX could jump above 12%, hitting resistance at $0.143. However, the latest dump has raised concerns of an accelerated price dip.
This week saw a reduction in altcoin selling as Bitcoin stabilized above $60,000. However, the bearish momentum has not fully reverted, indicating the possibility of further decline. TRX might revisit the ascending trendline to seek support for the next upward movement.
The Tron price reclaiming the daily Exponential Moving Averages (20, 50, 100, and 200) indicates a restoring bullish sentiment. As of press time, the Tron price is trading at $0.1230, down 1.04%. It’s testing a significant resistance level at $0.124. This level has been challenging for the price due to selling pressure amid the offloading by Sun.
If TRX manages to rebound and break through this resistance, the next targets lie between $0.126 and $0.128. These levels were previous highs and could act as the next resistance zones. On the downside, TRX has strong support around $0.121.
The $0.121 level has been tested multiple times and has consistently provided a floor for price bounces. Below this, $0.120 is a psychological support level, offering recent support. These levels are crucial for traders to watch, as they provide potential entry points in case of a price dip.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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