Price Analysis

Tron (TRX) Price Sees Double-Digit Gains! What Next Extended Rally or Correction?

Written by: Sahana Vibhute

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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May 24, 2022

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Tron leads the leader board of the most profitable asset in the past 24 hours which was recently taken by the stablecoin UST. However, the stable coin witnessed some corrections, which was later overtaken by numerous altcoins like Tezos(XTZ), Monero (XMR), Stacks (STX), etc. Yet the TRX price which was deeply impacted by the recent market crash is now attempting to regain its position within the bullish frame. 

The TRX price had gained huge bullish momentum since the beginning of the present trading month. However, just before reaching the monthly peak at $0.09, the asset witnessed a significant drop that dragged the price below $0.0075 initially. This was further fueled by the UST de-peg led market crash, that dragged the price out of the bullish ascending triangle. Yet the price is currently utilizing all its resources to regain its position within the triangle. 

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At the moment the price is just below the uptrend line. As the bears are restricting the price below the line, only a significant upswing push may enable the price to break through the bearish pattern. However, despite ease in the buying volume, the sellers appear to be currently passive which may help the asset keep up significant bullish momentum. 

Therefore, the Tron price could continue to consolidate along with these levels until the day’s close and eventually range high within the triangle again. Moreover, the RSI is still showing more strength and heading towards the upper resistance indicating a significant upswing incoming for the asset. As no notable selling volume has been recorded as of now, the possibility of rejection is pretty less for TRX price. 

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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