The Justin Sun cryptocurrency is witnessing unusual developments in the market. Not to forget, Tron gained a lot of attention from investors and developers earlier this year.
Well, the broader market’s bullish cues have been far more impactful. Thus, nullifying the negative influence on Tron’s price action.
Tron changing?
The coin is transforming itself into an independent asset that evidently is unbothered by any reaction from the whales.
Coinshares’ most recent report highlighted that for the week ending 5 August, Tron noted no inflows or outflows whatsoever.
However, it is not just this week, but the two previous weeks as well. Throughout July, the net flows registered by the asset amounted to just $0.1 million in outflows. However, this month, as of this writing, no such flows were observed.
Coinshares weekly report | Source: Coinshares
In fact, since 1 January 2022, the collective outflows in the last seven months exceeded the inflows by a mile resulting in negative year-to-date flows, albeit of a meager $3.6 million.
This is despite the presence of $68 million worth of TRX under management.
That being said, Tron has been charting its own path in terms of its price action. This, by following the broader market cues and gradually inclining to recover all the losses it witnessed over the last few months.
This is how TRX, at the moment, is inches away from reclaiming the 23.6% Fibonacci level into support.
Tron price action | Source: TradingView – AMBCrypto
Drawn from the all-time high of April 2021 to the lows of June 2021, this red line represented a crucial area for TRX, as climbing above this was the first sign of a rally.
And, the altcoin will be able to rally, too, provided it can hold on to the persisting bullishness a while longer.
The Squeeze Momentum Indicator has been containing the squeeze for about two months now. And, if the squeeze is released during a bullish phase, TRX will benefit from it, unlike in the past.
Plus, the volatility for the asset is at a four-month low preventing significant price swings from taking place and keeping TRX safe from a sudden fall in price.
Tron volatility | Source: Coinmetrics – AMBCrypto
