- Justin Sun transferred 173.821M TRX ($21.37M) to Binance, leading to a TRX price dip.
- TRX, now at $0.123, tests resistance at $0.124 after hitting a five-week high of $0.125.
- TronDAO’s active addresses rise, signalling a growing user base despite market volatility.
In a significant development for the cryptocurrency market, Justin Sun, the founder of TRON, has transferred a substantial amount of TRX tokens to the exchange Binance. Reports from Arkham Intelligence confirm that Sun’s team moved 173.821 million TRX, valued at approximately $21.37 million, to the trading platform.
This action coincides with a downturn in TRX’s price, which previously showed signs of resistance against broader market trends.
Market Response and Technical Analysis
Following the transfer, TRX’s market price has experienced a noticeable drop. However, the cryptocurrency had previously achieved a five-week high of $0.125, demonstrating its resilience amid a generally bearish market. This recent activity has led to a retest of critical support and resistance levels.
Additionally, the data suggests a marked increase in the active addresses within the TronDAO network, indicating a growing user base and sustained transaction activity. As of the latest assessments, the price of TRX is navigating around the $0.123 mark.
It continues to test the significant resistance level at $0.124, which has proven challenging due to the increased selling pressure following Sun’s token offloading.
Tron’s resilience is further highlighted by its maintenance of an ascending trendline that has supported its price since November 2023. Should buying pressure resume, TRX may challenge the recent swing high resistance of $0.127, which could potentially convert into a new support level, paving the way for further gains.
Potential Market Movements
Investors and traders are closely monitoring these developments, as the next price movements will be crucial in determining TRX’s short-term trajectory in the market. The current support levels around $0.121 have historically provided a strong foundation for price recoveries. A break below this could see TRX testing further psychological supports at $0.120.
This significant market activity underscores the dynamic nature of the cryptocurrency markets, where large transfers and strategic moves by key players can swiftly influence price trends and trader sentiment.
Read Also:
The post TRX Price Reacts to Justin Sun’s Major Token Transfer to Binance appeared first on Crypto News Land.