New High For TRON, But Bearish Signals Cast Shadows On The Rally
04 Novembro 2024 - 3:00PM
NEWSBTC
The price of TRON (TRX) has been on an impressive run of late and
established a double-top technical formation. Technical analysts
typically utilize this pattern to forecast a trend reversal when an
asset reaches its peak. Tron is currently trading close to its
all-time high level, which has attracted traders’ attention to the
double-top. Related Reading: GRASS Token Fails To Break $2 Level –
Is It Time To Buy? TRX is selling at $0.1654, and currently with a
price projection of 67% in the next three months, CoinCheckup data
reflect. However, the estimate permits some safety line, traders
are starting to get more worried due to the changes in the market.
Increase In Sales Volume Raises Concerns In a recent post, analyst
Alan Santana saw a significant increase in selling volume, which
raised concerns about market pressure. High selling volume
typically indicates that upward momentum is beginning to wane,
particularly when paired with pessimistic sentiment. #Altcoins |
#TRX ✴️ Tron: New High & Double-Top (Full Trade-Numbers SHORT
Incl.) TRXUSDT (Tron) just produced a new high and double-top. This
is one of the pairs that offers the best risk reward ratio because
it trades so close near the All-Time High, near resistance.
Current… pic.twitter.com/aztSSGElGf — Alan Santana
(@lamatrades1111) November 3, 2024 This pattern may be concerning
for TRX traders as it suggests that a decline may be imminent.
Experts believe such a reduction could occur even in the coming
weeks or months, despite the pattern being harder to predict. In
addition to these worries, there isn’t enough good buying volume.
Peak purchasing activity typically comes before price growth in a
healthy market. Regretfully, TRX hasn’t been like this recently. It
is evident from the present trading activity that buyers are not
entering the market with sufficient zeal, which could be short-term
bad news for TRON investors. TRON Holding Period Down TRX investors
have been holding TRON coins for a shorter period of time as the
holding period fell by a whopping 70% as of lately. The downtime
can be seen as a thanks to the lack of faith investors have in the
coin’s value in the future. The number of people who have a habit
of keeping their TRON coins for a longer duration has also fallen.
This has happened due to the fact that more investors have started
selling their coins. The CMF indicator, which is the measure of the
pulled push activity, also makes this view stronger. Will TRX Make
It Big In 6 Months? TRX is currently down 2.02% over the past day.
This could be due to traders being cautious. In light of this
double top and the rise in selling volume, traders should exercise
caution in order to anticipate and seize the trend reversal and
subsequent decline. Related Reading: Bitcoin Breaks $73,000, Yet
Google Searches Stay Stagnant—Is Hype Fading? Even though these are
short-term concerns, TRON still has the chance to overcome them
with great optimism in the long run. Experts believe that TRON will
grow by 141% in six months, showing strength, and it may go up to a
surprising number at one year with 180% growth. Traders should
continue to watch for external shocks from market volatility and
economic factors that could affect their investment as TRX
approaches these respective milestones. Featured image from
Coins.ph, chart from TradingView
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