Tron can sustain its upside for the rest of May, but only if...
Although there is no official confirmation, such an outcome would likely favor TRX and usher in a new wave of demand. In addition, this would also favor its performance in the long term.
Meanwhile, TRX could likely experience a resurgence of sell pressure, especially as it was deeply overbought at press time.TRX has clearly decoupled from the rest of the market, which has mostly been correlated with BTC. It delivered an impressive performance in the last three days, during which it surged past its $0.072 short-term resistance. TRX traded at $0.078 at press time, representing a 17% upside on a month-to-date basis., which means a higher probability of sell pressure resurgence.
Tron’s social dominance metric jumped to its highest monthly level in the last 24 hours. This means it was experiencing a higher level of visibility at press time, which may, in turn, attract more liquidity, especially from retail buyers.The higher the level of retail participation, the more likely it is for whales to start cashing in on short-term profits. Nevertheless, investor confidence was high, judging by the weighted sentiment’s position.
This retail participation was evident in the recent surge in TRX’s on-chain volume, which soared to its highest level in the last four weeks.Interestingly, TRX previously demonstrated bullish resilience, being one of those cryptos that has held on to its YTD gains. Despite that, volumes previously remained within a normal range until the last 24 hours, during which it registered a large spike. Will this latest volume upside mark the end of the recent rally?.
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