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TRON’s KEY metric points to a possible TRX breakout – Assessing odds…
The cryptocurrency market has been abuzz with the recent price action of several top digital currencies, and none more so than TRX, the native cryptocurrency of the TRON network. As of writing, TRX had rebounded from the lower band near $0.26 and was hovering above its ascending trendline and below the 0.786 Fibonacci level at $0.2875.
What caught my attention is that some key metric points to a possible breakout for TRX. This potential upside momentum stems from smart money accumulation, bolstered by institutional investors’ growing confidence in TRON’s technology. Over the past thirty days, whale holdings have increased by 9.55%, while investor accumulation has soared 45.49%.
This sort of divergence can often be seen before major moves in cryptocurrency prices. Furthermore, it appears that the overall market sentiment is slowly shifting towards a more optimistic outlook, reflected in rising social dominance for TRX.
The narrowing Bollinger Bands and pattern of higher lows also suggest growing upward pressure, further reinforcing the thesis that this digital currency could see a potential breakout.
Source: ambcrypto.com
