TRX Soars 15% In Last 5 Days – Is This Enough To Recoup Investors’ Losses?

Christian Encila

2 years ago

2 mins read

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Tron (TRX) has eclipsed its past performance and has been up 15% in the last five days. The TRX/BTC pair registers an increase of 0.28% at 0.000002895 BTC.

The token is now sweeping through an uptrend wave as seen in the daily price chart. There is an obvious power struggle between the bulls and the bears which impacted the price but it seems neither was able to pull off a riveting dominance in the market.

It helped that Bitcoin (BTC) did some heavy lifting as its price briefly soared above the 24K price zone which also propelled the entire market up.

Tron Still Grappling With Losses

TRX price surged by over 15% in just five days but it’s still grappling with losses in the part of the investors. With that being said, Tron still needs to get more buyers to speed up the recovery train. The price registered at a low of $0.068 and spikes continuously with the increased buying pressure.

As of now, TRX coin trades at $0.071 showing an increase of 3.46% in terms of market cap seen in the past 24 hours. The coin is showing a trading volume that catapulted 557 million which reveals a 22.18% loss seen in the past 24 hours. The altcoin currently has a total market capitalization of 6.5 billion.

On a 4-hour chart, TRX price showcases a robust uptrend momentum. Evidently, the RSI is also showing that the price is overbought as increased selling activity is pushing the price. Current RSI is almost 70. So, the buyers who are looking to penetrate the market should wait. The MACD that supports the uptrend indicates that the buyer’s line is gliding over the green lane.

TRX Hits $0.075 Critical Level

Tron (TRX) was rolled out in 2017 by founder Justin Sun. However, it was a disappointment when Sun decided to abandon Tron as he ventured to other projects. Following Sun’s exit, TRX price has suffered massively and was unable to beat its all-time high in 2018.

Technical analysis on the past couple of months showed that TRX has been on a downtrend following its ATH in April 2021 which touched the high of $0.18. Ever since, TRX price wasn’t able to break away from the downward slope.

For TRX to switch into a bullish standpoint, the price must reach the $0.075 level and if BTC continues to perform well which has happened for five straight days for Tron.

Crypto total market cap at $1.06 trillion on the daily chart | Source: TradingView.com

Featured image from Coin Payments Blog, chart from TradingView.com

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.