The post Tron (TRX) Investors Unshaken by Market Dip: What’s Next? appeared on BitcoinEthereumNews.com.

Tron (TRX) may have displayed incredible strength during past drawdowns. However, the altcoin was not exempted during the recent one that saw Bitcoin (BTC) drop below $50,000. At press time, TRX price has decreased by 10.51% in the last seven days.  While a slight recovery has happened in the last 24 hours, this on-chain analysis explains why the rebound could expedite further. Tron Holders Show Confidence Despite Market Sentiment On Monday, August 5, BeInCrypto reported that the crypto market collapse was primarily caused by macroeconomic events. This led investors to panic and increased selling pressure among some BTC holders and altcoin investors. However, according to Coin Holding Time, TRX did not experience the same. This on-chain metric measures the amount of time a cryptocurrency has been held without being transacted or potentially sold. Based on IntoTheBlock’s data, Tron’s Coin Holding Time increased by a jaw-dropping 324.40% within the same period that the crypto price dropped by 10%. This data suggests that TRX holders were unperturbed by the decline and are confident in the cryptocurrency’s short to long-term potential. Read More: 7 Best Tron Wallets for Storing TRX Tron Coin Holding Time. Source: IntoTheBlock When things like this occur, a crypto price may not experience quick respite. However, TRX holders’ decisions could offer potential price stability. If sustained, they could help the price accelerate toward the local top of $0.14, which it hit around July 13. Meanwhile, Tron’s Weighted Sentiment shows that the broader market may be cautious about displaying high conviction about the token. This is because the sentiment reading remains in the negative region. Typically, a positive sentiment rating implies that there are more bullish comments online than bearish ones. Therefore, for TRX, the bulls have not been able to completely wipe out the bearish social volume dominance, especially as…

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Filed under: News - @ August 6, 2024 4:26 pm