By
Bena Ilyas
June 28th, 2024
Despite the current movement of TRX on Binance, Tron price remains resilient to correction while eyeing for a strong breakout on the technical chart.
In a major development, Tron founder Justin Sun and his team have transferred a total of 173 million TRX coins to crypto exchange Binance, as per data from Arkham Intelligence. Alongside moving $21 million worth of TRX, Justin Sun also moved 120.149 billion BitTorent (BTT), worth around $105,000, and 20.293 billion WINkLink (WIN), valued at $1.79 million, to Binance.
Following this move of huge amounts of TRX, the altcoin is facing a minor selling pressure. As of press time, Tron (TRX) is facing a minor fall of 0.86% and trading at $0.1232 with a market cap of $10.7 billion. Despite a major fall in the altcoin market over the last week, Tron’s TRX has witnessed 6% gains thereby leaving behind Avalanche (AVAX) and Shiba Inu (SHIB) to become the 11th largest cryptocurrency by market cap.
In a June 26 post on X, crypto analytics firm IntoTheBlock reported a consistent rise in the number of active addresses on the TronDAO network since the beginning of the year. The daily average of active addresses is now nearing 2.5 million, significantly outpacing other leading Layer 1 networks. This increase highlights the growing adoption and usage of the TronDAO network.
Since the beginning of the year, the number of active @trondao addresses has steadily increased, approaching a daily average of 2.5 million, far surpassing other leading Layer 1 networks pic.twitter.com/TCiatVqVOM
— IntoTheBlock (@intotheblock) June 26, 2024
If the buying momentum continues, Tron buyers could be eyeing to convert the $0.127 resistance into support. If they are successful, the TRX price can rally another 12% reaching the next resistance of $0.143. However, it will be interesting to see whether the broader crypto market supports this move.
Tron (TRX) Price Breakout
On the daily time frame, the TRX price shows a bullish outlook. On the technical chart, TRX is on the verge of completing the right shoulder of the inverse head and shoulders pattern, with the pattern’s neckline at $0.13. A breakout from this neckline would confirm the upward momentum, potentially leading to a new all-time high of $0.158.
-
Photo: TradingView
Supporting this bullish possibility are the daily RSI and MACD readings. Both indicators show a bullish divergence aligned with the pattern. Additionally, the MACD has moved into positive territory, and the RSI is nearing the 70 mark.
On the other hand, Tron Network’s decentralized autonomous organization (DAO) TronDAO is eyeing massive revenue growth with the capability to generate $1.65 billion in fees over the next twelve months.