Tron (TRX) Crypto Soars Amid Whale Manipulation Concerns
The Essentials in Brief
The price of Tron (TRX) recently reached a new high for the year 2024, surpassing the 0.148 dollar mark. This development raises questions about whether the so-called “whales” – large investors with significant stakes in TRX – could steer the market in a bearish direction. With an impressive increase of 15% in the last seven days and a significant recovery after the market crash on August 5, TRX is in the focus of many investors and analysts.
Market Dynamics and Whale Concentration
Tron has a whale concentration of 55.35%, which means that a significant portion of the TRX supply is in the hands of a few large investors. This concentration could potentially lead to increased volatility, especially if these whales decide to sell a significant portion of their holdings. Despite impressive price gains and a market capitalization that recently rose by 7.58% to 12.9 billion dollars, there are concerns about profit-taking.
Technical Analysis
The technical analysis shows that TRX is trading above the 20-, 50- and 100-day simple moving averages (SMA), indicating a strong upward trend. After TRX recorded a 6% increase on August 19 and surpassed the 0.14 dollar mark, the upward trend continues. If this trend continues, TRX could reach the 0.152 dollar mark in the near future and possibly even challenge 0.155 dollars.
Profitability of TRX Holders
Despite the current upward trend, TRX is still 51% below its all-time high from January 2018. However, nearly 98% of TRX holders are in the profit zone. This high profitability could, however, become a risk if a significant number of holders decide to realize their profits, which could put pressure on the market.
Our Assessment
The recent performance of Tron (TRX) clearly demonstrates the potential of the cryptocurrency to recover from market turbulence and achieve significant gains. The high concentration of TRX in the hands of whales and the high profitability of holders are, however, factors that investors should keep an eye on, as they could lead to increased volatility and potential price corrections. In the long term, the development of TRX depends on the market’s ability to absorb selling pressure and maintain investor interest. Investors should therefore closely monitor market dynamics and base their investment decisions on a comprehensive analysis.
Sources: IntoTheBlock, CoinMarketCap, TradingView
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