- Tron (TRX) has reached an intraday high of $0.148 today, once again touching levels last seen in May 2021.
- The TRX token is witnessing significant activity, with whales holding 55.35% of the total supply, amounting to 46.86 billion TRX tokens.
- Tron’s impressive performance in August has seen its price jump by 22% over the past two weeks, outshining both Bitcoin (BTC) and Ethereum (ETH).
Explore the latest developments around Tron (TRX) as it makes significant strides in the crypto market, with a remarkable price recovery and notable market cap achievements.
Tron’s Remarkable Price Recovery in August
Amidst a broader market downturn on August 5th, Tron (TRX) distinguished itself with a swift rebound. After plummeting below $0.11 during the sell-off, TRX has impressively surged by 22% within a fortnight, asserting its resilience in the cryptocurrency market. While major cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH) have seen mild recoveries, TRX has outperformed, showcasing its robust market dynamics.
Market Capitalization and Trading Volume Surge
Tron’s resurgence is further underscored by its ascent in market capitalization rankings. As of August 19th, TRX experienced a 6% price increase, overtaking Cardano (ADA) in the process. CoinMarketCap reports reveal that Tron’s market cap has escalated by 7.58% within the last 24 hours, reaching $12.9 billion. Concurrently, its 24-hour trading volume has surged by a staggering 142%, totaling $791 million. Such metrics indicate a heightened interest and confidence in TRX among investors.
Profit-Taking Dynamics Amid Strong Performance
Despite TRX trading 51% below its January 2018 all-time high, nearly 98% of its holders are currently in profit. This positions TRX holders among the most profitable in the crypto sphere. However, the substantial profitability may incite selling pressure as investors seek to capitalize on their gains. According to IntoTheBlock analytics, whale holdings have decreased by 1.58% over the last 30 days, and retail holdings have dipped by 0.24%, suggesting a trend of active selling. Furthermore, TRX balances in addresses holding between 1 million to 10 million tokens have diminished by 5.74%, and addresses holding 1 billion to 10 billion tokens have reduced their balances by 3.56% during the same period.
Technical Indicators Signal Continued Bullish Momentum
From a technical analysis perspective, TRX exhibits strong bullish signals across various timeframes. The token is trading above its 20-, 50-, and 100-day simple moving averages (SMA) on 1-hour, 4-hour, and daily charts, indicating a prevailing uptrend. On August 19th, TRX recorded a 6% daily price increase, breaching the $0.14 mark. This was followed by a further 2.65% increase, pushing the token past the $0.143 resistance level—an area of frequent rejections in the past. A sustained breakout above this resistance could see TRX targeting $0.152 and potentially challenging the $0.155 level in the near term.
Conclusion
In summary, Tron’s recent performance underscores its capability to recover swiftly and attract substantial investor attention. With significant whale concentration and a robust market infrastructure, TRX’s prospects appear favorable. Technical indicators support a continued bullish outlook, provided key resistance levels are decisively breached. As TRX maintains its upward trajectory, investors should closely monitor market dynamics to make informed decisions.
