Many altcoins have suffered significant declines this month, but TRX Coin stands out as a notable exception. While Bitcoin (BTC) is trading at $61,350, concerns over a potential $10 billion Bitcoin sell-off in July have hastened sales. As the end of June approaches, the resilience and current state of TRX Coin become a focal point of interest.
Why is TRX Showing Strength?
TRX Coin is currently priced at $0.12, marking a peak last seen 30 days ago, with a 10% increase this month. On-chain data reveals that the boost in TRX’s price is driven by rising demand among market participants. Whereas BTC’s daily RSI is at a yearly low, TRX’s RSI stands above the neutral zone at 66.25, suggesting strong demand.
The high RSI level has prompted some investors to take profits. The inflow of TRX to exchanges has risen by 4% over 30 days, yet this has not led to substantial price drops. At present, there are 181.8 million TRX on exchanges, indicating robust market activity.
What Does the Future Hold for TRX?
The Parabolic Stop and Reverse (SAR) indicator also confirms buying pressure, reflecting positive price trends. However, Bitcoin’s inability to surpass $62,500 might influence TRX negatively if BTC drops below $60,000 again, potentially curbing buyer enthusiasm.
Investment Insights for TRX
– If the price continues rising, the first significant resistance level will be $0.127.
– A strong support level currently exists at $0.118; losing this could trigger drops to $0.110 and $0.105.
– Additional support is found at $0.0965, providing a cushion in extreme market conditions.
– The broader market outlook, influenced by potential large-scale Bitcoin sales, may not favor TRX, but cryptocurrencies can often behave unpredictably.
In conclusion, while TRX Coin shows remarkable resilience amid market fluctuations, its future trajectory will be closely tied to broader market movements and Bitcoin’s performance. Investors should stay vigilant and monitor support and resistance levels closely.