TRON (TRX) Hits Yearly High, Investors Urged to Monitor Market Closely
The Essentials in Brief
TRON (TRX) recently hit a yearly high after the price rose by more than 10% in the last 24 hours. This increase was triggered by the launch of the Memecoin project SunPump, which generated significant profits for the network within a few days. Despite the positive development, TRON investors face the challenge that the current price increase could lead to profit-taking, which could jeopardize the upward trend.
TRON’s Upward Trend and the SunPump Dynamics
TRON’s recent price increase to $0.16 and the associated increase in market capitalization to over 13.8 billion dollars have catapulted the crypto asset into the top 10 of the largest cryptocurrencies. A key factor for this development was the introduction of SunPump, a Memecoin project on the TRON platform, which recorded significant transactions and profits in a very short time. The positive response to SunPump was also reflected in the social metrics, with an increase in weighted sentiment and social volumes, indicating a strong bullish sentiment in the market.
Challenges and Potential Risks
Despite the impressive performance of TRON and investor optimism, there are concerns. The analysis by IntoTheBlock shows that currently 100% of TRX investors are in the profit zone, which could lead to increased selling pressure as investors may want to realize profits. This scenario could end the TRX bull run. In addition, a decline in the long-short ratio suggests that there are more short positions in the market, which can be seen as a bearish signal. The technical indicators, such as the Relative Strength Index (RSI), which has entered the overbought zone, and the Bollinger Bands, also point to possible corrections.
Outlook and Possible Scenarios
The future of TRON depends on various factors, including the market’s ability to support the current uptrend and absorb possible profit-taking. If the bull market continues, TRON could reach the $0.17 mark in the coming days. In the event of a bear takeover, however, the price could fall to $0.13. Investors and market observers should keep a close eye on market conditions to make informed decisions.
Click here to follow our Telegram channel.
Our Assessment
TRON’s recent price increase underlines the potential of Memecoin projects to trigger significant market reactions. While the short-term perspective appears promising, investors should not overlook the risks of a possible correction and profit-taking. A balanced strategy that takes into account both the opportunities and potential pitfalls will be crucial for those who want to invest in TRX.
Sources: AMBCrypto, Lookonchain, Santiment, IntoTheBlock, Coinglass, TradingView, Hyblock Capital
You should read that too:
| Wagering requirements | 35x bonus |
| 35x free spins winnings | |
| Minimum deposit | €20 |
| Maximum bet | €5 |
| Bonus validity | 30 days to claim |
| 14 days to wager / 7 days for free spins |
- There is no maximum bonus amount.
- 10 Free Spins per day over ten (10) days on Gates of Olympus or Book of Ra Deluxe.
| Wagering requirements | 40x bonus |
| 40x free spins winnings | |
| Minimum deposit | 0.0005 BTC |
| Maximum bet | 0.00004 BTC |
| Bonus validity | 30 days after registration |
| 14 days (1st), 7 days (2nd), 1 day (3rd) |
- To get the bonus, enter the bonus code before the deposit.
- Minimum deposit: 0,07 BCH • 0,4 LTC • 233 DOG • 45 XRP • 0,01 ETH • 20 USDT • 69 ADA • 0,05 BNB • 184 TRX • 20 USDC.
- Maximum bet: 0.007 BCH • 0.0009 ETH • 0.04 LTC • 23 DOGE • 2 USDT • 4 XRP • 18 TRX • 7 ADA • 0.005 BNB • 2 USDC • 2 EUR • 2 USD.
- Free spins are provided in batches of 25 per day.
- Free spins are credited on the Gamebeat slots: Max Miner (1st), Book of Elixir (2nd) and Odin’s Tree (3rd).
| 1st deposit | 120% up to $500 + 100 Free Spins |
| 2nd deposit | 100% up to $300 + 100 Free Spins |
| 3rd deposit | 150% up to $500 + 100 Free Spins |
| 4th deposit | 100% up to $300 + 100 Free Spins |
| Wagering requirements | 35x bonus |
| 60x free spins winnings | |
| Minimum deposit | $10 (1st) |
| $15 (2nd-4th) | |
| Maximum bet | $5 per round |
| Bonus validity | 30 days to claim, 7 days (1st-4th) |
| 7 days for free spins |
- You must complete the registration and verification process, including a valid email or phone number, to qualify for this bonus.
- You must select the desired bonus during the deposit process.
- There is a maximum withdrawal limit of $10 from winnings derived from free spins.
Advertising transparency