TRON (TRX) is losing momentum after a weak rebound, with traders closely watching key support for either a breakdown or a short-lived recovery bounce for the TRON price. Meanwhile, Tron Inc. continues accumulating tokens, reinforcing long-term confidence despite an increasingly fragile short-term market structure and weakening price strength.
At the time of writing, TRX is trading at $0.3210 with a 24-hour trading volume of $437.02 million and a market capitalization of $30.44 billion. Despite the signs of stability over the last 24 hours, the TRON price structure and institutional accumulation point to a bullish reversal ahead.
Source: CoinMarketCap
Also Read: TRX Price Eyes $0.366 Breakout as Inverse Head and Shoulders Pattern Forms
TRON Price Faces Key Support Test After Weak Rebound
According to the crypto analyst Umair Orakzai, the recent move in the TRON price suggests the earlier rebound from the “yellow box” support zone may be complete, with the price losing momentum after the initial reaction.
Attention is now on a key breakdown level at $0.3186, where multiple daily closes below could confirm weakening structure and open the door for further downside continuation for the TRON price.
Source: TradingView
In case there is a confirmation for the TRON price breakout, a retracement towards the “golden pocket” zone of $0.3020 can be expected, which is one of the most popular Fibonacci zones utilized for reaccumulations or continuation patterns.
Still, there is an option for a bullish bounce for the TRON price towards the $0.36 level before that happens.
Tron Inc. Expands Treasury With 154K TRX Acquisition
The data from Tron Inc. further highlighted that the firm has made an effort towards improving its holdings of digital assets by buying 154,608 TRX tokens, which have been bought at an average price of $0.3234.
It is yet another step forward for its treasury initiative, indicating the firm’s strong belief in the Tron blockchain and its presence within its portfolio of blockchain projects.
Source: TRONSCAN
With this most recent purchase, Tron Inc. now owns well over 700 million TRX tokens. This clearly shows how Tron Inc. has been using an effective buildup approach that will add value to its shareholders in the long run.
Indeed, Tron Inc. has indicated its intentions of increasing its Tron Digital Asset Treasury by taking advantage of upcoming opportunities.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
Also Read: TRX Price Pulls Back After May Rally: Can Institutional Buying Trigger a New High?
