The Crypto Fear and Greed Index is currently at 23, indicating significant apprehension. While this indicator should not be utilized for trading, it does calculate a value based on volume, social media, and polls.
At the same time, Bitcoin’s failure to break through the $40k barrier, as well as its inability to hold onto the $38k barrier, indicates that anxiety was there on the charts over the past several days. TRON, on the other hand, showed a bullish bias throughout the same time period.
TRX dropped to $0.64 in late April (cyan box) and traded with no discernible pattern on lower periods until the beginning of May. The bears even fought back a quick rise to $0.07.
As the month of May progressed, Bitcoin began to rise from $37.6k to $40k, and TRX followed suit, rising to $0.09 from $0.0616. A set of Fibonacci retracement levels was plotted using these swing levels (yellow).
Despite Bitcoin’s severe rejection at $40k, TRX merely retreated to the 61.8 percent retracement level before resuming its ascent. TRX was back above the $0.082 demand zone (upper cyan box) at the time of writing and could advance to $0.09 once more.
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