TRON: Decoding the odds of TRX defeating the market trend
If the crypto market was looking a little red before, at press time it was closer to the blood-gushing elevator scene from The Shining. With Bitcoin trading at $31,720.36 and Ether changing hands at $2,368.71 it’s natural that both Bitcoin and altcoin holders are panicking at the moment. However, one coin seems to be holding its own amidst all the turmoil – for now, at least.
But are things too good to be true?
At press time, TRON [TRX] was changing hands at $0.07824, after falling by 8.00% in the past day and rising by 12.39% in the past week.
What is important to note here is that TRON’s volumes spiked beyond what most would expect to see on such a market day. In fact, TRON volumes have been surging since early May.
Around 6 May, the token hit levels last seen in mid-November 2021, when TRX was trading at around $0.12. Moreover, TRX volumes on 10 May were around 3.4 billion.
Source: Santiment
Adding to that, weighted sentiment for the metric went positive after largely staying in the sub-zero range since around 25 April. However, TRX investors have a history of tall but short-lived euphoric spikes, followed by price crashes. It remains to be seen if traders can break the spell.
Source: Santiment
While these look like positive metrics, two price indicators paint vastly different pictures of TRX’s trajectory. For starters, in spite of a green candle, the Awesome Oscillator [AO] was flashing a red bar at press time, which indicates selling pressure could act on the asset.
On the other hand, the Relative Volatility Index [RVI] recorded a value above 50. This signals that future volatility could take TRX’s price upwards.
Source: TradingView
TRON’s TRX has been doing some adjusting as a new sibling entered the scene. USDD [USDD],
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