Will TRX Maintain Bullish Momentum?

Investing into cryptocurrencies necessitates a long-term time orientation mindset. Thus, it is essential to analyze cryptocurrency price movements on multiple time frames which take into account longer periods of time, such as the monthly time frame. Throughout last week, many cryptocurrencies witnessed impulsive corrections to their prices, and the following analysis presents the plausible scenarios of an outlier: Tron's TRX; the cryptocurrency which maintained its bullish nature despite widespread declines.

Monthly time frame

In March, TRX plummeted impulsively in the name of taking liquidity from traders & investors who bought early and had their stop-loss orders set too high. In addition, the price tested the monthly imbalance zone and thus filled the previous impulsive bullish move. Large institutions thus had room to buy once again at bargain prices, while retail traders succumbed to a loss.

TRX/USD - Monthly Time Frame

Weekly time frame

As mentioned, TRX endured the toxifying crypto market slump and continues to ride the bullish wave on a weekly time frame. Its price-tag has tested the so-called golden zone which consists of the 0.5 and 0.382 Fibonacci levels.

There also appears to be the closure of a weekly imbalance zone by the wick of the candle, which indicates the buyer's resistance mark with regards to the short-term decline, and an identical situation occurred in the previous block structure.

TRX/USD - Weekly Time Frame

Cryptocurrency markets are among the most volatile and unpredictable markets, and it is necessary for investors and traders to react promptly to market revelations. Currently, the conditions surrounding TRX are optimistic but the cryptocurrency may dwindle for the short term when nearing a higher high, which'll mean that TRX may perhaps change character and a bearish move can be expected.