Cryptocurrency

Resistance

Security

Coin

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/tron-network-faces-security-speculations-and-market-dynamics" rel="noopener noreferrer nofollow">Tron Network Faces Security Speculations and Market Dynamics</a><br></p>
<p style="text-align: justify">Cryptocurrency figurehead Justin Sun’s <a href="https://en.bitcoinhaber.net/tron-faces-potential-price-correction-as-market-indicators-flash-warnings" rel="noopener noreferrer nofollow">Tron</a> network continues to navigate through active use despite recent security concerns. After the exclusion of the Tron network by USDC, questions about its security and longevity have surfaced. In response, <a href="https://en.bitcoinhaber.net/tethers-dominance-and-crackdown-on-illicit-activities" rel="noopener noreferrer nofollow">Tether</a> revealed a “rescue tool” designed to safeguard stablecoins in cases of security threats or network issues.</p>
<h2 id="recent-market-activity-for-tron-trx">Recent Market Activity for Tron (TRX)</h2>
<p style="text-align: justify">The Relative Strength Index (RSI) of <a href="https://en.bitcoinhaber.net/tron-faces-uncertain-market-dynamics-as-high-profitability-may-trigger-sell-off" rel="noopener noreferrer nofollow">TRX</a> Coin soared to 91 in February, signaling an overbought condition. Even with a reduction to an RSI of 71, the currency maintains an overbought status, indicating a prevailing risk appetite among investors. This demand coincides with the surge in BTC prices, hinting at a continued bullish trend for TRX.</p>
<p style="text-align: justify">The current landscape for TRX holders shows an increase in short-term traders, as evidenced by a rise in owners holding the cryptocurrency for less than a month. This surge points to heightened interest from investors looking for quick returns.</p>
<p style="text-align: justify">The influx of short-term traders could drive the price of TRX upward; however, it also raises the risk of a sharp price decline. Should these investors decide to offload their holdings, they could potentially sell 3.73 billion tokens, potentially leading to a steep price drop.</p>
<h2 id="technical-indicators-and-price-predictions">Technical Indicators and Price Predictions</h2>
<p style="text-align: justify">Technical indicators show that the 200-day and 20-day Exponential Moving Averages (EMAs) are both higher than the current price, suggesting a slowdown in momentum. The emergence of a death cross serves as a forewarning for a possible reversal in the current demand trend.</p>
<p style="text-align: justify">The IOMAP chart highlights the support and resistance levels based on investor purchase costs. TRX exhibits weak support at $0.127, with a potential 10% drop to $0.123 or $0.119 if this level fails. Resistance lies at $0.135, and any downturn in BTC prices could exacerbate the selling pressure on TRX, potentially leading to its continued underwhelming performance.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/tron-network-faces-security-speculations-and-market-dynamics" rel="noopener noreferrer nofollow">Tron Network Faces Security Speculations and Market Dynamics</a></h5>

Tron Network Faces Security Speculations and Market Dynamics

Table of Contents

BH NEWS

Other articles published on Mar 13, 2024

Bitcoin Historical Patterns Suggest Prolonged Bull Run

Shiba Inu Whales Are Accumulating SHIB, Do They Know Something You Don’t?

Cardano Whales Accumulate Heavily: ADA Price Appears to be Programmed to Hit $1 Soon

Shiba Inu Lead Dev Says SHIB Will Lead This Bull Market, Here’s Why

Spinouts Unite to Speed Up Electric Vehicle Tech Development

Harga BTC Diprediksi Melesat ke US$140.000 dalam 18 Hari, Apa Mungkin?

Join our free newsletter for daily crypto updates!