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TRX Price Analysis for May 22

Price Analysis
Sun, 05/22/2022 - 17:20
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Denys Serhiichuk
Has TRX accumulated enough power for the mid-term bullish trend?
TRX Price Analysis for May 22
Cover image via www.tradingview.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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On the last day of the week, bulls have seized the initiative as all of the top 10 coins are in the green zone.

Top coins by CoinMarketCap
Top coins by CoinMarketCap

TRX/USD

TRX has followed the bounceback of other coins, rising by 4.66% over the last 24 hours.

TRX/USD chart by TradingView
TRX/USD chart by TradingView

On the local time frame, TRX has broken the resistance and is trying to fix above it. If bulls can do that by the end of the day, the impulse can continue to the zone around $0.08 soon.

TRX/USD chart by TradingView
TRX/USD chart by TradingView

On the daily chart, TRX is about to start rising after an accumulation phase. If the buying trading volume goes up, there is a high chance to see the test of the interim level at $0.08254 next week.

TRX/USD chart by TradingView
TRX/USD chart by TradingView

From the mid-term perspective, TRX is neither bullish nor bearish as the rate is far away from its crucial levels. In this case, the altcoin needs more time to accumulate power before a sharp move.

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In this case, sideways trading in the range of $0.07-$0.08 is the more likely scenario for the upcoming weeks.

TRX is trading at $0.07648 at press time.

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About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.