While the majority of the cryptocurrency sector, including the flagship decentralized finance (DeFi) asset Bitcoin (BTC), is swimming in the sea of red, TRON (TRX) has been recording bullish results in multiple areas, including in terms of its price, social, and market activity.
As it happens, TRON has reached the leadership position on AltRank, the list of top 5,242 cryptocurrencies that combines the social and market activity of a digital asset versus the rest of the crypto market, as shared by the crypto social intelligence analytics platform LunarCrush on May 22.
Specifically, in terms of 24-hour social volume, TRON ranks 18th, recording an increase of 13.3%, whereas its social engagement has grown by 17.1% over the last day, placing the digital asset in 12th place by this indicator. At the same time, TRON ranks ninth in terms of its trading volume and 216th in its price performance relative to Bitcoin.
TRON price analysis
On top of that, TRON has recorded a price increase of 7.06% in the last 24 hours, currently changing hands at $0.08, which also represents a 10.26% gain in the last seven days and a growth of 17.84% over the previous month, as per the latest information retrieved by Finbold on May 22.
Not only that, but TRON’s sentiment on 1-day gauges over at the crypto and finance tracking platform TradingView indicates a ‘strong buy’ at 16, as summarized from the oscillators stanging in the ‘buy’ zone at 2 and moving averages (MA) pointing at a ‘strong buy’ at 14.
On the other hand, Bitcoin has at the same time declined 0.09% on the day, 1.96% across the week, and 1.74% on its monthly chart, and is currently changing hands at the price of $26,827, indicating more pain could be on the horizon if it continues to reject below the critical $27,600 resistance level.
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