On November 13, TRON (TRX) experienced a price increase, reaching $0.1825 before settling around $0.1813. The trading volume saw a significant decline of 46% over the past day, suggesting that market participants are taking profits, which may be contributing to a slower trading pace. Speculation is mounting on whether TRX can surpass its current resistance and initiate a notable upward trajectory before the year concludes.
What Is Behind the Recent Whale Activity?
Recent data from IntoTheBlock reveals a substantial uptick in TRON whale transactions within the last 24 hours. Large holders have ramped up their TRX acquisitions by 458% in the preceding week, indicating that these major players are strategically positioning themselves for a potential price surge.
The TRX price chart displays a long-term bullish pattern, characterized by a bullish flag formation that has now broken upward. This trend indicates a continuation of the previous bullish momentum, as the price remains within an ascending channel that supports ongoing upward movements.
Can TRON Maintain This Upward Momentum?
Current analyses highlight immediate resistance levels for TRON at $0.228 and $0.288, with a primary resistance located at $0.462. The anticipated price target from the bullish formation suggests an increase of 800%, projecting TRX to reach $1.68. Key support zones include $0.181 and a stronger threshold at $0.044.
Key insights drawn from the analysis include:
- Whales are significantly increasing their TRX holdings, indicating confidence in future price growth.
- Current price dynamics suggest a bullish trend with a possible target of $1.68.
- Monitoring support and resistance levels is crucial for strategic trading decisions.
The interest from significant players within the TRON ecosystem is pivotal for influencing price trends. Keeping an eye on these developments will be essential for market participants aiming to navigate their strategies effectively.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Source: https://en.bitcoinhaber.net/whales-drive-tron-prices-higher-with-accumulation