The post Is Tron (TRX) the Next Big Altcoin Bet for Investors? appeared on BitcoinEthereumNews.com.

Tron hits ATH, shows 70% weekly gain amid Bitcoin surge. Whale activity drives bullish sentiment with large transactions and withdrawals. Tron (TRX) recently hit an all-time high (ATH) of $0.3384 before declining by 11.31% in the past 24h, trading at $0.3413 at the time of writing. Despite this dip, TRX has recorded remarkable weekly and monthly gains of 70% and 133.44%, respectively, reflecting strong bullish momentum amid Bitcoin’s surge past the $100,000 milestone. Analysts suggest that if the current sentiment persists, Tron could retest its resistance level of $0.40, with the possibility of surpassing its ATH and targeting $0.50 within the week. However, increased profit-booking might push the token toward its support levels of $0.35 or even $0.30 if bullish momentum weakens. Moreover, the notable factor contributing to Tron’s upward trajectory is increased whale activity. A recent report from Lookonchain highlighted a whale withdrawal of 4.85 million TRX tokens worth $1.85 million from Binance. Such movements often signal confidence among large holders and reduce circulating supply, potentially creating a supply squeeze that drives prices higher. TRX Price Chart, Source: Sanbase Bullish Outlook On TRX Supporting this trend, data reveals a 428.9% surge in large holder inflow over the past 24 hours, reaching 902.12 million TRX. Additionally, large transactions have hit a yearly high of 2.42k, while outflow volume spiked by 74.12% to $194.96 million. These metrics indicate that whales and investors are transferring their TRX holdings to private wallets, reflecting bullish sentiment. Meanwhile, the increased whale activity aligns with Tron’s broader market performance, suggesting that large investors see it as a promising asset. If the momentum sustains, TRX could climb to $0.45 and potentially $0.50. However, a market correction could lead to a pullback to $0.35. As Tron continues to attract significant interest, both whales and retail investors seem to…

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Filed under: News - @ December 5, 2024 5:18 pm