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TRON (TRX) Technical Analysis May 2021

TRON (TRX) Technical Analysis May 2021

TRON (TRX) is one of the most active digital assets in the crypto world. In fact, the crypto has a market capitalization of almost $10 billion. This proves that more investors in the crypto world continue to support the TRON network.

In terms of technology, the TRON protocol enables developers to create different types of decentralized applications through smart contracts. Also, in the TRON network, anyone can host their content on the blockchain network. As a result, the audience around the world can directly pay the content creators in the network to access the content they created.

Now that we already have an understanding of the TRON network, let us see the charts below in this TRON May 2021 price analysis.

TRON (TRX) Technical Analysis May 2021

TRX Fibonacci Retracement (Source: TradingView)

As depicted on the graph above, TRON (TRX) manages to survive the wild swing of the crypto market. In addition, the TRX was able to record a growth rate of almost +300% in the past few weeks. For this reason, TRX was one of the most talked-about digital assets in the crypto market.

If this bullish trend continues, TRX may have the chance to smash the Fibonacci level of 0.23, a bullish position. If it does, the doors towards the bullish price of $2 will open, an opportunity that TRX must not overlook. Of course, there is a big chance that this will happen if the bullish market continues to favor the crypto.

However, if the bullish market turns against the crypto, the crypto price might slide. In other words, the price of TRX might decline below the Fibonacci level .78, a bearish level.

In this event, TRX must be able to regain its momentum and climb back to its uptrend position. Otherwise, the bears might flip the existing support level to its new resistance level. Indeed, this is an event that could cause FUD among investors.

TRX MACD (Source: TradingView)

Meanwhile, the moving average convergence/divergence (MACD) of TRX is about to perform a bullish crossover. If it does, traders and investors can expect the crypto to perform more bullish signals. Conversely, if the MACD points towards a different direction and does not continue its crossover with the signal indicator, it will be a different story.

Conclusion

The crypto world is back to its feet once again from its market decline in the past week. The TRX is one of the cryptos that was able to recover in this bloodbath. For this reason, the price analysis for TRX this May is $2.

Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.

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A dedicated market analyst focused on the highs and lows of the cryptocurrency market. With a background in Business Administration, he tries to unfold his financial perspective to global readers.