Altcoins are facing challenging times, with whale negativity potentially worsening the situation. Bitcoin maintains its stagnant position with weak demand and diminished appetite. A significant breakout is needed, but current signals do not indicate this. Meanwhile, TRX appears to be at risk of further decline.
TRX Coin Analysis
Bitcoin traded around $58,500, experiencing another drop on Monday. Despite attempts to stay above $60,000, profit-taking activities at high levels pushed the price downward. The accumulation of short positions during this decline suggests some investors anticipate a dip towards $50,000.
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If the recent trend continues, those who shorted around $60,000 may profit once more. The absence of parabolic movements since the halving further emboldens bearish sentiment. Nonetheless, historical data warns of the potential for sudden upward movements that could disrupt bearish strategies.
TRX Coin Price Forecast
Tron (TRX) encounters resistance at $0.137. The recent upward attempt prompted holders with $1 million to $10 million worth of TRX to offload $23 million, reducing their total holdings from $624 million to $601 million within 72 hours. This move seems prudent in the current market environment.
Whales doubt that the recent upward attempt will result in sustained closes above $0.137. If incorrect, the price could rise to $0.144, potentially triggering a sell-off of up to $45 billion according to the GIOM chart. As the annual peak nears, accelerated selling by whales would not be surprising.
Key Investor Insights
Investors should consider the following:
- Short-term resistance at $0.137 is critical for TRX’s price direction.
- Sustained upward movement could face substantial whale-induced sell-offs.
- Historical patterns suggest the possibility of sudden market shifts.
- Monitoring BTC fluctuations is crucial for predicting TRX trends.
Currently, with resistance tests failing and prices declining, the potential for a rally towards the 2024 peak remains under scrutiny by investors, particularly with the possibility of abrupt BTC price changes.
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-impact-trx-price-movements