NEW YORK - Amid the ongoing financial turmoil surrounding the cryptocurrency exchange FTX, on-the-chain analytics firm Lookonchain has reported substantial asset liquidation activities. FTX has been transferring significant quantities of Tron (TRX) to Binance, with 75 million TRX moved recently and a total of 161 million over the past three days. Despite these actions potentially exerting downward pressure on TRX's value, the digital currency has demonstrated remarkable price stability in the current volatile market.
TRX is currently trading at $0.1047, showing an uptick of 1.50% today and amassing gains of over 5% for the week. This resilience is noteworthy as FTX continues to hold a sizeable amount of TRX, totaling approximately 279.8 million coins.
The cryptocurrency's ability to maintain its value comes after a rebound from its support level of $0.10155 yesterday. Market participants are now watching to see if TRX can surpass the resistance point at $0.10550, which could pave the way for further gains, potentially reaching up to $0.11050.
Market analysts are keeping a close eye on technical indicators for TRX, with particular attention given to the daily Moving Average Convergence Divergence (MACD). As it approaches the signal line, there is a possibility of a bearish crossover that could confirm a downtrend for TRX's value. However, so far, the cryptocurrency has managed to withstand sell-off pressures and maintain its ground despite challenging market conditions.
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