Tron (TRX) rallied to a five-month high earlier in today’s session, as bulls continued to feed off recent news of the USDD stablecoin. TRX reached multi-month peak levels, while WAVES moved from a 2-month low to a three-month high today. Prices soared up as much 15%,
Tron (TRX)
May the 4th was definitely with Tron on Wednesday, as TRX was one of the most notable gainers in today’s session, with prices surging to a five-month high.
Following a low of $0.07003 during Tuesday’s session, TRX/USD raced to a high of $0.08134, breaking out of a key resistance level in the process.
This move resulted from TRX reaching its highest point since Christmas last year, breaking the $0.07600 ceiling.
Although prices have fallen marginally from resistance, earlier gains may be reversible. This is probably due to bulls liquidating their positions.
As of writing this, TRX is now trading at $0.07688, which is close to 7% higher than yesterday’s bottom.
The 14-day RSI now stands at 66.11 and has reached the maximum price strength since April 2, 20,22.
WAVER
TRX was Wednesday’s most prominent gainer, but WAVES was by far the largest, with its prices rising as high as 15%
As prices bounced back from their lows in the past two months, WAVE/USD climbed to an intraday peak of $14.45 today.
WAVES reached a low of $11.89 on Tuesday, just below its floor at $11.80. This is the lowest WAVES price since February 28.
However, as seen on the chart, a bull run followed the last time WAVES traded at this level, and today’s moves increase hope for a reversal in price.
WAVES was one of the hardest-hit tokens during April’s crypto red wave, with prices going from a peak of $63.69, all the way to the recently stated floor.
The RSI shows that price strength is currently at 33.36. This could indicate that we have not seen the worst.
Will we see April’s red wave begin to fade the deeper we get into May? Please share your views with us in the comments.
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