Connect with us
Active Currencies 14581
Market Cap $2,713,545,481,158.43
Bitcoin Share 50.30%
24h Market Cap Change $1.88

TRON: Decoding the odds of TRX defeating the market trend

2min Read

Share this article

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?

TRON keeps calm and carries on?

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

A new TRX up its sleeve

TRON’s TRX has been doing some adjusting as a new sibling entered the scene. USDD [USDD], TRON’s algorithmic stablecoin, claimed to be “the most decentralized stablecoin in human history.”

At press time, USDD volumes were around 11.94 million. On 6 May, however, USDD had seen volumes over 20 million.

Source: Santiment

That being said, the falling volumes didn’t stop TRON founder Justin Sun from announcing higher USDD/USDC availability on Uniswap.


Sahana is a full-time journalist at AMBCrypto. She has a Masters in Journalism and her areas of study include crypto-regulation, digital society, privacy, and intersectionality. Ask her about film photography and philately.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.