TRON Price Analysis: TRX Sees Largest Withdrawal in Over a Month

On Monday, the cryptocurrency market witnessed an uptick in demand pressure as Bitcoin jumped 4% to hit $58200. The altcoin market was quick to

The cryptocurrency market showed signs of recovery on Monday as Bitcoin price rose by 4% to reach $58,200. This uptick in demand provided support to the altcoin market, with most of the major altcoins, including TRON, seeing a strong bid. As a result, TRX price rose by 0.4% from the 20D EMA today, preventing a further sharp decline. But will this recovery be sustained?

TRON Price Analysis: TRX Sees Largest Withdrawal in Over a Month

TRON coin was among the few cryptocurrencies that showed significant growth in June and stability in the early July sell-off. The bullish recovery brought the asset up from a swing low of $0.11 to a high of $0.131, registering a 18.57% growth.

Amid the current market consolidation, the recovery faced supply pressure at $0.13, shifting the trend sideways.

At press time, TRON coin is trading at $0.125, while the market cap stands at $10.9.

Earlier today, IntoTheBlock reported a massive withdrawal of $13.1 million in TRX (Tron) from cryptocurrency exchanges. This move marks the largest TRX withdrawal in over a month, suggesting a phase of accumulation.

$13.1 million worth of $TRX was withdrawn from exchanges yesterday. This is the largest in over a month, signaling accumulation. pic.twitter.com/kq8mUV6xgr

— IntoTheBlock (@intotheblock) July 8, 2024

Such significant withdrawals often indicate a bullish sentiment among investors, as they shift their assets to personal wallets, hinting at a long-term holding strategy.

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