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TRX rises as the rest of the market falls apart

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.

Source: TRX/USDT on TradingView

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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Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.