Tron (TRX) has experienced a slight dip, falling to $0.2441 after a 1.26% drop in the last 24 hours. However, a significant sell wall on the horizon is posing a challenge for TRX’s price growth. A notable development highlighted by IntoTheBlock data shows that a massive 10.45 billion TRX are currently being held at a specific price level, acting as resistance to further price increases. This ‘sell wall’ occurs when traders place large buy orders at the same price point. This creates uncertainty for potential buyers who may hold back from investing due to this strong resistance.
The sell wall is estimated to be worth approximately $0.2781 on average, with a range between $0.4553 and $0.2514. With TRX currently trading at $0.2441, over 6 million addresses are currently experiencing losses as they try to sell their holdings.
The dip in trading volume is adding fuel to this uncertainty. Volume has fallen by a substantial 33.99%, indicating that buyers are becoming cautious and hesitant to commit funds. Notably, the current market price of TRX presents challenges for further upward movement.
Despite this, Justin Sun, Tron’s founder, remains bullish about TRX’s potential. He predicts a new all-time high (ATH) before June ends.
The situation is intriguing as it becomes clearer if TRX will break through the sell wall or if it will continue to struggle. The next few weeks will be crucial to see how TRX navigates this current resistance and pursues Sun’s prediction of an ATH.