Tron (TRX) has fallen by a mere amount in price, sliding 1.26% over the last 24 hours to $0.2441. But what everyone is really noticing is a ginormous “sell wall” that might prevent the coin from climbing much higher.
Tron (TRX) has slid by a minimal amount in price, decreasing by 1.26% over the last 24 hours to $0.2441. But what everyone is really noticing is a ginormous "sell wall" that might prevent the coin from climbing much higher.
Tron (TRX) has slid by a minimal amount in price, decreasing by 1.26% over the last 24 hours to $0.2441. But what everyone is really noticing is a ginormous "sell wall" that might prevent the coin from climbing much higher.
A sell wall occurs when numerous individuals have placed sell orders at the same level. It is a strong resistance because new buyers may not want to purchase TRX if they believe that the price will not rise easily.
In this instance, the sell wall consists of 10.45 billion TRX, all at about $0.2781 on average. So many individuals are willing to sell if the price reaches that amount.
If the price rises to $0.2781 and everyone begins selling, it may clog up the market and prevent the price from continuing upwards. It’s like a ceiling that’s hard to break through. Also, about 6.22 million TRX holders are currently in the red—they’re losing money right now. That could make them eager to sell when the price starts going up, adding more pressure.
As for trading volume, it has decreased by almost 346%, now standing at $446.29 million over the past 24 hours. This decrease indicates that buyers are being more cautious. Most traders probably believe the price will not increase anytime soon, so they’re not rushing in.
Earlier, Justin Sun, the CEO of Tron, had predicted that TRX may reach a new all-time high (ATH) by June. The present ATH of TRX is $0.4407, reached in December 2017. But to achieve that, the price needs to increase by roughly 45% within fewer than 70 days. That is quite an uphill task, considering there’s such a hefty sell wall obstructing its path.
In brief, unless there's a substantial surge in buying demand, the 10.45 billion TRX sell wall might keep the price in check and prevent or postpone the bull breakout that others are anticipating.
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