Date: Wed, Jan 22, 2025, 04:50 AM GMT
In the cryptocurrency market over the last 24 hours, we are witnessing a significant rebound as Bitcoin (BTC) surged by 4%, trading above the $105,000 mark. Following this bullish momentum, altcoins are also showing strength. Tron (TRX), in particular, has surged by over 4%, trading at $0.25, and has displayed steady performance over the past 30 days.
Large Accumulation by World Liberty Financial
According to Spotonchain, Trump’s World Liberty Financial recently invested heavily in cryptocurrencies, making headlines with their acquisitions. The fund spent $2.65 million USDT to acquire 10.81 million TRX today, bringing their total TRX purchase to 30.11 million ($7.35 million).
In the past three days, the fund has spent a total of $168.4 million on six tokens, including:
- $99.95 million on ETH
- $47 million on WBTC
- $7.35 million on TRX
- $4.7 million each on AAVE, ENA, and LINK
This aggressive accumulation by a prominent fund has shifted market sentiment and brought renewed attention to TRX.
Is a Breakout on the Horizon?
TRX’s daily chart displays a descending triangle pattern, typically considered a bullish reversal signal when supported by strong fundamentals. After pulling back from its December 3 high of $0.45, TRX underwent significant correction, testing triangle support at $0.22.
Currently, TRX has rebounded strongly from its 200-day moving average (200 MA) and is trading near $0.25, approaching the triangle’s upper resistance trendline. A successful breakout above this resistance, with confirmation from a potential retest around the intermediate resistance zone at $0.2745, could signal the start of a bullish rally.
If the breakout materializes, TRX could target the following resistance levels:
- $0.31
- $0.3357
- $0.45
This breakout offers an upside potential of around 79% from current levels.
The Moving Average Convergence Divergence (MACD) indicator is showing positive signs, with the MACD line crossing above the signal line and bullish momentum building in the histogram. This crossover adds to the probability of a potential breakout. Additionally, the 100-day moving average provides support at $0.2227, reinforcing TRX’s strong base for upward movement.
Conclusion
With bullish market sentiment and significant institutional accumulation by World Liberty Financial, TRX appears poised for a breakout. Investors should closely monitor key resistance levels and price action for confirmation of this move.
However, as with any investment, risks remain. Traders and investors are advised to stay cautious and conduct their own research before making financial decisions.
Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.
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