At this point, Tron’s (TRX) price has been in an uptrend for more than three weeks, signaling a breakout above a key price level.
The whales’ minimal but consistent accumulation is pushing the price up, which will boost demand in the market.
Tron Whales Could Help Price Increase
Tron’s price has shown signs of being influenced by the impact of whale accumulation, and the same is happening now. The whale addresses holding TRX worth more than $100,000 and under $10 million have consistently added TRX to their wallets.
These addresses have accumulated over $160 million worth of TRX in the last month, bringing their total holdings close to year-to-date highs.
Additionally, the investors are also awaiting a crucial bullish signal that would increase the demand for the asset. According to the Global In/Out of the Money (GIOM) indicator, about 1.14 billion TRX are awaiting profits.
This supply was bought between $0.123 and $0.127 and is worth over $142 million. Although in comparison to Tron’s market capitalization of $11 billion, this supply is minimal, it is still gains that investors are waiting for.
Read More: What Is TRON (TRX) and How Does It Work?
When this supply becomes profitable, it will drive the demand for TRX, which will translate to a further increase in price.
TRX Price Prediction: Closer to ATH
Tron’s price trading at $0.125 is close to breaching the resistance at $0.127. Breaching this resistance would not only enable further rise but also turn the aforementioned supply profitable. This would, in effect, push the price upwards towards $0.130.
Flipping $0.130 in support would give Tron’s price the necessary boost to reach its all-time high of $0.144.
Read More: TRON (TRX) Price Prediction 2024/2025/2030
On the other hand, if the month-long uptrend line that Tron’s price has been above is lost, the altcoin could dip to $0.121. Losing this support level would invalidate the bullish thesis, sending TRX to $0.116.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
