Tron Price Analysis: TRX Price Skyrocketed by Over 30% in May, What Drives this Move?

Tron outperformed crypto markets in May. It grew by more than 30% this month (see image below). What drives this growth?

Chart by TradingView

Key Support levels: $0.07

Key resistance levels: $0.09

With the introduction of the algorithmic stablecoin USDD late April, the fundamentals of Tron have changed. TRX’s value will rise as long as USDD demand grows. Because TRX / USDD has a similar burn/mint process to Luna / UST, this is why it’s more likely that the price will rise.

The cryptocurrency has thus formed a bullish parabola, which has so far acted as support. TRX will move higher if it breaks the 9 cents key resistance. Current support is at 7c.

Chart by TradingView

Technical Indicators

Trade Volume: Although the volume of TRX has been low in recent days, it still managed to rise.

RSI: The daily RSI remains above 50 points. This signal is bullish and the RSI also made a lower low.

MACD: Bullish daily MACD and histogram have just reached a higher peak. This indicates a renewed interest for TRX which could drive the price to the key resistance.

Chart by TradingView

Bias

TRX’s bias is bullish in the short-term technicals.

Prediction of the TRX price in the short-term

TRX has bullish fundamentals, and a market eager to move higher after two years of correction. TRX can challenge the key resistance at $9.50 and move quickly higher. The parabola must be held as any break below could signal a change of the uptrend.

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Marla Brooks

Marla Brooks – Financial Analysis My name is Marla Brooks, and I am the mainstream behind the”observednews.com”  for the powerful and most delicate insights into the latest activities in the financial analysis category. I started my journey as an independent financial consultant. I had approximately nine years of experience in this field. I am free soul so; my passion for exploring the world has taken me to the nations across the globe and given me the chance to report for a portion of the best news associations. Currently, I am a full-time editor as experienced in finance and started to use my abilities.

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