USDC

Security

Coin

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/exploring-the-dynamics-of-tron-trx-amid-market-activity-and-security-concerns/" data-wpel-link="internal">Exploring the Dynamics of Tron (TRX) Amid Market Activity and Security Concerns</a> 
Justin Sun is one of the most controversial figures in cryptocurrency, but the <a href="https://coin-turk.com/justin-sun-steemit-ortakligini-duyurdu" data-wpel-link="internal">Tron</a> network has been used very actively for years. After USDC excluded the <a href="https://en.coin-turk.com/will-the-rise-of-trx-coin-continue-trx-price-prediction-for-october/" data-wpel-link="internal">Tron</a> network, concerns about network security and its future emerged. <a href="https://en.coin-turk.com/tether-usdt-ends-support-on-multiple-networks-latest-update/" data-wpel-link="internal">Tether</a>, during this period, announced its “rescue tool” to ensure that stablecoins would remain secure in the event of potential security breaches or network outages. 
<h2 style="text-align: justify" id="tron-trx">Tron (TRX)</h2> 
In February, the RSI of <a href="https://coin-turk.com/tron-trx-yatirimcisi-dikkat-bu-seviye-yukselis-icin-kritik" data-wpel-link="internal">TRX</a> Coin reached 91, entering the extreme overbought zone. Even after the RSI settled down to 71, it still lingers in the overbought zone, reflecting a strong appetite for risk. Moreover, this extreme demand is supported by the rise in <a href="https://coin-turk.com/bu-grafik-bitcoinin-btc-bir-sonraki-haftaya-ait-fiyatini-ortaya-koyuyor" data-wpel-link="internal">BTC</a> prices, indicating more potential for TRX to increase. 
<img loading="lazy" loading="lazy" decoding="async" class="size-full wp-image-327054 aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/03/Tron-RSI-1.webp" alt="" width="1536" height="520"> 
So, what’s the current situation for TRX investors? The graph below shows holders who have kept their coins for more than a year, those who have held between one month and twelve months, and those who have held TRX for less than a month. Over the past week, we’ve seen growth in the group of traders holding TRX for less than a month, reflecting demand from short-term investors. 
<img loading="lazy" loading="lazy" decoding="async" class="size-full wp-image-327055 aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/03/Tron-Yatirimci-Dagilim.webp" alt="" width="1200" height="800"> 
This will have two consequences. Firstly, as the number of traders chasing short-term trades increases, the price will continue to rise. On the other hand, in the event of potential sales, this group has the potential to quickly sell 3.73 billion tokens, thus triggering a deeper bottom. 
<h2 style="text-align: justify" id="trx-price-prediction">TRX Price Prediction</h2> 
On the technical front, the 200-day EMA, 20-day EMA, and current price are above. This suggests that even though the RSI remains strong, there is a weakening in momentum. Accordingly, the forming death cross provides an early warning that the ongoing demand could reverse. 
<img loading="lazy" loading="lazy" decoding="async" class="size-full wp-image-327056 aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/03/TRX-Grafik.png" alt="" width="1898" height="787"> 
The IOMAP chart shows us support and resistance levels based on investor purchase costs. TRX has a weak support at $0.127. If this area cannot be maintained, we could see a drop of approximately 10% to the levels of $0.123 and $0.119. 
These clusters help predict future support or resistance levels. The nearest resistance is at $0.135. While a potential drop in <a href="https://en.coin-turk.com/bitcoin-is-it-really-in-a-bear-market-famous-analysts-share-interesting-insights/" data-wpel-link="internal">BTC</a> prices seems to accelerate sales, the current situation could allow TRX Coin to continue its weak performance. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/exploring-the-dynamics-of-tron-trx-amid-market-activity-and-security-concerns/" data-wpel-link="internal">Exploring the Dynamics of Tron (TRX) Amid Market Activity and Security Concerns</a></h5>

Exploring the Dynamics of Tron (TRX) Amid Market Activity and Security Concerns

Table of Contents

COINTURK NEWS

Other articles published on Mar 13, 2024

Blast mainnet halts for 1 hour due to Ethereum Dencun upgrade obstacle

BridgeM partners with MerlinLayer2

Bitcoin to $1 million by 2028 thanks to China-led surge, predicts exec

Tether collabs with U.S. authorities to recover stolen money

Love for Kelexo (KLXO): Dogecoin (DOGE) & Cardano (ADA) Enthusiasts Predict 40X Potential in Pres...

Bitcoin Targets $72,000 as MKR Coin Surges with New Announcements

Join our free newsletter for daily crypto updates!