Tron (TRX) rallied to a five-month high earlier in today’s session as bulls continued to benefit from recent news on the USDD stablecoin. While TRX climbed to multi-month highs, WAVES moved off a two-month low today as prices surged as much as 15%.

Tron (TRX)

May 4th was definitely on Tron on Wednesday as TRX was one of the notable gainers in today’s session, with prices climbing to a five-month high.

After hitting 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 broke the $0.07600 ceiling, causing TRX to hit its highest since Christmas Day last year.

Biggest Climbers: Tron climbs to 5-month high, up 15% with WAVES
TRX/USD daily chart

Although previous gains have since eased, likely due to bulls liquidating positions, prices are still marginally above resistance.

As of this writing, TRX is now trading at $0.07688, which is almost 7% higher than yesterday’s low.

The 14-day RSI is now hovering at 66.11, the strongest price strength it has seen since April 2, 2022, and is close to another ceiling of 67.54 and another possible reason why earlier gains have subsided.

WAVES

While TRX was Wednesday’s most notable winner, WAVES was by far the biggest, with prices up as much as 15%.

WAVE/USD surged to an intraday high of $14.45 earlier today as prices recovered from their lowest levels in the past two months.

On Tuesday, WAVES hit a low of $11.89, which is just above its $11.80 bottom and the lowest price since February 28.

Biggest Climbers: Tron climbs to 5-month high, up 15% with WAVES
WAVES/USD – daily chart

However, as the chart shows, the last time WAVES traded at this level was followed by a bull run and today’s moves add to hopes of a price reversal.

WAVES was one of the hardest-hit tokens during April’s crypto-red wave, with prices ranging from a high of $63.69 to the recently set bottom.

Price strength is currently hovering around 33.36 as seen on the RSI which is deep in oversold territory and could bode well for those who believe we have seen the worst.

Will we see the April red wave begin to fade as we get deeper into May? Let us know your thoughts in the comments.

Eliman Damell

Eliman brings a diversified perspective to market analysis, having worked as a broker director, retail educator, and market commentator in the crypto, equities, and forex sectors.




photo credit: Shutterstock, Pixabay, WikiCommons

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