Crypto News- Tron (TRX) faces the imminent risk of a substantial correction as FTX reportedly transferred 75 million TRX tokens to Binance via the Tron network in the last few hours, part of a series of transfers totaling 161 million TRX over the past three days, hinting at a potential mass selloff by the beleaguered exchange. Although this anticipated selloff hasn’t commenced yet, TRX is currently trading at $0.1047, displaying a 1.50% 24-hour gain, following its recent surge.
TRX Transfer Alert: FTX to Binance – Brace for a Possible Sell-Off
Despite the looming threat, TRX’s recent price uptick contributed to a positive weekly performance, boasting a more than 5% increase over the past seven days. Rebounding from the $0.10155 support level, TRX aims to surpass the $0.10550 barrier in the next 24-48 hours. A daily close above this crucial mark could pave the way for further gains, potentially reaching $0.11050 in the coming days.
However, the bullish outlook hangs in the balance, contingent on TRX achieving a daily candle close above $0.10550 within the next 72 hours. Failure to do so might trigger a bearish scenario, prompting a retest of the $0.10155 support level. Sustained selling pressure could drive TRX below this level, targeting the subsequent support at $0.09785.
Traders and investors should take note of an impending bearish technical flag, as the daily Moving Average Convergence Divergence (MACD) line inches closer to the MACD Signal line. A potential crossover between these two lines could signify a continuation of TRX’s bearish trend, adding further complexity to the cryptocurrency’s near-term outlook.