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- Lookonchain revealed in an X post today that FTX sent 75 million TRX to Binance over the past few hours.
- According to the post, FTX has sent a total of 161 million TRX to Binance throughout the previous three days.
- At press time, TRX was up 1.50% despite the looming threat of a large selloff.
The price of Tron (TRX) could undergo a steep correction soon. In an X post today, Lookonchain revealed that FTX sent 75 million TRX tokens to Binance via the Tron network over the past few hours. This transfer is just the latest in a series performed by FTX. According to the post, FTX has sent a total of 161 million TRX over the past three days.
FTX transferred 75M $TRX($7.83M) to #Binance on #Tron Network 8 hours ago, and a total of 161M $TRX($16.8M) has been transferred to #Binance in the past 3 days.The wallet currently holds 279.8M $TRX($29M).https://t.co/lf5PMNmK8W pic.twitter.com/E3VDbzVKFa— Lookonchain (@lookonchain) November 16, 2023
These large transfers may lead to a mass selloff of TRX as the collapsed exchange attempts to liquidate its cryptocurrency holdings to pay back creditors. It seems that this potential TRX selloff has not yet started. At press time, CoinMarketCap data indicated that the altcoin was trading hands at $0.1047. This was after it recorded a 24-hour gain of 1.50%.
TRX’s latest increase in price nudged the cryptocurrency’s weekly performance deeper into the green zone as well. Subsequently, TRX was up more than 5% over the past seven days.
Daily chart for TRX/USDT (Source: TradingView)
TRX’s price rebounded off of the $0.10155 support level yesterday and may look to overcome the $0.10550 barrier in the next 24-48 hours. Thereafter, a daily candle close above this major mark will open up a pathway for TRX’s price to continue to rise to as high as $0.11050 in the following few days.
This bullish thesis may be invalidated if TRX fails to close a daily candle above $0.10550 within the next 72 hours. In this bearish scenario, the altcoin’s price may retest the $0.10155 support level. Continued sell pressure could then lead to TRX’s price falling below this level to potentially reach the subsequent support at $0.09785.
Traders and investors will want to note that a significant bearish technical flag was on the verge of being triggered. At press time, the daily Moving Average Convergence Divergence (MACD) line was closing in on the MACD Signal line. Should these two lines cross, it could signal a continuation of TRX’s bearish trend.
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