The Tron price has struggled in the past few days even after Justin Sun expressed optimism about its future and that of other cryptocurrencies. TRX is trading at $0.0721, which is 60% below its year-to-date high. It has a market capitalization of more than $5.1 billion, making it the 24th-biggest cryptocurrency in the world.
What happened: Tron, like all cryptocurrencies, has had a difficult time in the past few weeks. The currency has tumbled as investors have reacted to tweets by Elon Musk and concerns about energy use. It is also worth noting that US citizens filed their tax returns in May, which had a major impact on the price of currencies.
Further, there were concerns about high interest rates in the United States as the labour market tightened and as inflation rose. In an interview with CNBC, Justin Sun, the founder of Tron and the owner of BitTorrent noted that the currencies will likely bounce back later this year. You can watch the entire interview below.
In my past Tron price prediction, I noted that the currency was forming a head and shoulders pattern and that it would likely decline. This happened as the currency dropped by more than 62% since that article went live. Today, the currency.
Today, turning on the four-hour chart, we see that the currency is forming the opposite of the head and shoulders pattern that I wrote about in the previous article. This time though, the pattern is inverted, which is usually a bullish signal.
The price is also slightly below the 25-day and 50-day exponential moving averages (EMA). Therefore, while it is relatively early to tell, there is a possibility that the price will bounce back and retest the 23rd April low at $0.0910. However, a move below $0.0621 will invalidate this trend.
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