TRON (TRX) is poised for a potential bullish trend, driven by several market factors. The funding rates for TRX recently surged to 0.012% after a brief dip, reflecting renewed trader optimism. Despite historical price corrections during similar periods of high sentiment, TRON remains predominantly bullish, according to Santiment’s data.
#catnews #cryptonews 94% of TRX holders in profit amid quick price recovery https://t.co/pGGkliOEjt pic.twitter.com/sVzBkrRWCj
— DTM (@DerekTMcKinney) August 19, 2024
Key to this bullish outlook is the token concentration, with over 56% of TRX held by whale wallets. This could drive volatility but also trigger significant price movements. Additionally, retail investors account for 34% of TRX holdings, adding further momentum. Increased positive sentiment on social platforms continues to support TRON’s upward trajectory.
Key TRON Levels to Watch – August 19
TRX/USD is currently in a bullish trend, as confirmed by the higher lows and a breakout above the recent resistance trendline. The price has tested the resistance around $0.13750, and with sustained momentum, it could challenge the next resistance at $0.14220.
The bullish momentum is strong, supported by the price trading above the 9-day SMA. A break above $0.14210 could open the way toward $0.14510 and possibly $0.15000.
TRON Key Levels
Resistance Levels: $0.14220, $0.14520, $0.15000
Support Levels: $0.11660, $0.10970, $0.10480
TRX Metrics
Total Market Capitalization: $2.05T
TRON Market Capitalization: $12.03B
TRON Volume: $374.54M
Market Rank: #10
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