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Crypto Hot News TRON: Decoding the odds of TRX defeating the market trend

Hot Crypto News Today TRON: Decoding the odds of TRX defeating the market trend You Must Read To Get More Information For Trading and Investment.

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.

Crypto Hot News TRON: Decoding the odds of TRX defeating the market trend

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.

Crypto Hot News TRON: Decoding the odds of TRX defeating the market trend

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.

Crypto Hot News TRON: Decoding the odds of TRX defeating the market trend

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.

Crypto Hot News TRON: Decoding the odds of TRX defeating the market trend

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

Read more Crypto Hot News here.
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Written by thegamefi

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