TRON: Decoding the odds of TRX defeating the market trendadmin
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.
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.
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.
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.
That being said, the falling volumes didn’t stop TRON founder Justin Sun from announcing higher USDD/USDC availability on Uniswap.
I am increasing #USDD/#USDC pool on @Uniswap to 10 million USD. Happy trading!
— H.E. Justin Sun ???????????????? (@justinsuntron) May 9, 2022
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