The price of cryptocurrency Tron (TRX) has shown a slight decrease of 1.26% over the last day, but the main focus remains on a significant resistance level that may hinder growth.
Current TRX Price
The current price of TRX stands at $0.2441, and there is a large sell wall around $0.2781, making further growth challenging. This sell wall consists of 10.45 billion TRX, creating significant pressure on buyers.
Trading Volume and Price Pressure
Trading volume has dropped by 346%, now reaching $446.29 million over the past 24 hours. This indicates caution among traders who likely do not expect price increases anytime soon. Over 6.22 million TRX holders are currently in the red, which may also increase selling pressure at any minor rise.
Future TRX Forecasts
Tron's CEO, Justin Sun, predicted the possibility of TRX reaching a new record by the end of June; however, achieving that requires a 45% price increase within less than 70 days. The current sell wall of 10.45 billion TRX complicates this task significantly.
Thus, the absence of significant buying demand may keep the TRX price at its current level, hindering the anticipated growth. Investors should closely monitor market dynamics.
