Bitcoin and Tron Continue to Surprise: What's Next for the Crypto Market?

user avatar

by Giorgi Kostiuk

2 years ago

In the cryptocurrency market over the last 24 hours, we are witnessing significant growth as Bitcoin (BTC) surged by 4%, trading above the $105,000 mark. This bullish momentum has also influenced altcoins, notably Tron (TRX), which has risen over 4% to $0.25.

Large Accumulation by World Liberty Financial

According to Spotonchain, World Liberty Financial has recently made significant cryptocurrency purchases, generating noticeable reactions with their acquisitions. The fund spent $2.65 million USDT to acquire 10.81 million TRX today, with total purchases amounting to 30.11 million TRX ($7.35 million). In the past three days, the fund has spent a total of $168.4 million on six tokens, including:

* $99.95 million on ETH * $47 million on WBTC * $7.35 million on TRX * $4.7 million each on AAVE, ENA, and LINK

This aggressive accumulation by a prominent fund has shifted market sentiment and attracted renewed attention to TRX.

Is a Breakout on the Horizon?

TRX’s daily chart displays a descending triangle pattern, often considered a bullish reversal signal when supported by strong fundamentals. After correcting to a low of $0.22, TRX is currently trading near $0.25, approaching the triangle’s upper resistance line. A successful breakout above this resistance, confirmed by retesting, could indicate the start of a bullish rally.

TRX could target the following resistance levels:

* $0.31 * $0.3357 * $0.45

This suggests an upside potential of about 79% from current levels. The MACD indicator is showing positive signs, increasing the likelihood of a potential breakout.

Conclusion

With bullish market sentiment and significant institutional accumulation by World Liberty Financial, TRX seems poised for a breakout. Investors should closely monitor key resistance levels.

As the crypto market shows robust growth, certain supports and trade volumes continue to create potential for further transactional strength. However, investments in cryptocurrencies always carry risks, and market participants should carefully consider their decisions.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

Hut 8 Wins Bid for Poolin's Texas Datacenter Sites

Hut 8 has successfully bid $140 million for two datacenter sites owned by the bankrupt mining company Poolin.

user avatarLucas Weissmann

Senate Banking Committee Democrats Request Hearing on Prediction Markets

Democratic members of the Senate Banking Committee request a public hearing to examine the growing issue of prediction markets and their regulatory implications.

user avatarFilippo Romano

Crypto Economic Activity Remains Strong Despite Market Downturn

Crypto economic activity has shown resilience despite a significant drop in market capitalization, indicating a shift in market dynamics.

user avatarEmily Carter

Visa's Research Highlights Trust as a Barrier to Stablecoin Adoption

Visa's research highlights that trust and fraud protection are essential for stablecoin adoption, with 36% of US respondents considering their use, especially with bank-level protections.

user avatarTomas Novak

Cardano's Onchain Governance Approves New Treasury Allocations

Cardano's governance system has approved a new round of treasury allocations aimed at infrastructure and ecosystem development.

user avatarKaterina Papadopoulou

Galaxy Invests $100 Million in Onchain Credit Infrastructure

Galaxy has invested $100 million in Sky Protocol's yield-bearing sUSDS, integrating it into its corporate treasury and allowing it as collateral for institutional trading.

user avatarMaya Lundqvist

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.