Will 97% Profitable Holders Push $0.17 Breakout?

TRON price analysis shows a slight downtick of 0.76% to $0.156 on Sunday trading session. The intraday selling pressure could be attributed to the Bitcoin price dip below $60000, signaling the continuation of prevailing consolidation. Will sideways action recuperate the bullish momentum in the crypto market?

TRON Price Analysis Hints Key Support Test Amid Market Uncertainty

TRON price analysis showed a notable recovery from $0.117 to $0.17 high— a 45 increase amid the August market uncertainty. This bullish momentum gained further traction following the launch of the meme coin generator SunPump. This platform, similar to Solana’s PumpFun, allows users to create and launch their own meme cryptocurrencies on the TRON network. 

However, the TRX price plunged 7.6% to $0.156 this week, while the market cap tumbled to $16.7 Billion. Concerning the prior rally, this pullback is likely a short break for bulls to replenish the bullish momentum and seek suitable support.

If market uncertainty persists, the TRON price prediction hints at a 7.5% fall to retest the combined support of $0.144 and the 50-day Exponential Moving Average. If this support holds, the buyers could drive a rally past $0.17.

According to Intotheblock analytics, 97.5% of addresses holding TRON (TRX) are currently in profit. This suggests that 82.76 Triilion TRX held by 140.5 million addresses are ‘in the money’ or profitable. 

On the other hand, just 120.92 Million TRX, held by 406.23k addresses, are ‘out the money’ or in loss. This distribution indicates that most crypto holders are in profit, reducing the potential of panic selling.

Moreover, TRON’s total volume locked (TVL) has surged from $6.8 million to $8.17 million since last month, registering a growth of 20%. This indicates more capital inflow into its ecosystem, reflecting heightened investor confidence and greater adoption of its DeFi services.

Moreover, the TRON price analysis indicates that an ascending trendline is currently guiding the uptrend by offering dynamic support to dip buyers. However, a bearish breakdown below this support level could significantly increase selling pressure, potentially leading to a major price decline.

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Sahil Mahadik

Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

Disclaimer: 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.