Tron (TRX) Gains as Justin Sun Sends 23K ETH to Poloniex

• Lookonchain revealed in a tweet today that Justin Sun sent 23K ETH to Poloniex in the past 24 hours.
• TRX’s price climbed 1.40% during the time the transfer was made, and stood at $0.07904 as a result.
• .A bearish chart pattern on TRX’s daily chart suggested that the crypto’s price may drop in the next few days.

Lookonchain, the blockchain tracking firm, revealed in a tweet earlier today that Justin Sun, who is the founder of Tron (TRX), transferred 23,000 Ethereum (ETH) to Poloniex earlier today. According to the post, he sent around $43 million to the exchange platform in this latest transaction.

The tweet noted that the founder has made 7 large ETH transactions to Poloniex over the past year. On-chain data indicates that the total value transferred in these transactions is 67,500 ETH, which is approximately $126 million.

In related news, the price of ETH stood at $1,860.37 at press time according to CoinMarketCap. This is after the altcoin leader’s price rose 0.02% over the past 24 hours. Despite the slight 24-hour gain, ETH’s weekly performance remained in the red at -2.95%.

Meanwhile, TRX was trading at $0.07904 after its price increased 1.40% over the past day of trading. This 24-hour gain added to the altcoin’s already-positive weekly performance, which resulted in the total weekly gain standing at +3.75% at press time.

TRX was also able to outperform ETH and the market leader Bitcoin (BTC) over the past 24 hours. The altcoin was up 1.61% against BTC and was up 1.50% against ETH. As a result, 1 TRX was worth 0.000002616 BTC and 0.00004249 ETH at press time.

From a technical perspective, a bearish ascending wedge chart pattern had formed on TRX’s daily chart. Should this pattern be validated, then the crypto’s price may drop to the crucial support level at $0.07528 in the next few days. 

Notably, TRX’s price was attempting to close a daily candle above the significant resistance level at $0.07885. Should the crypto close today’s daily trading session above this resistance level, then its price may look to rise to the next key resistance barrier at $0.08295 in the coming week.

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