Programmable blockchain Tron's TRX token extended its recent rally on Wednesday, with technical charts signaling further bullishness in its immediate future. The broader crypto is mixed, with Terra’s LUNA Classic and Cardano's ADA token among the top losers with 6.88% and 2.09% drops respectively.
At 08:36 EST, TRX changed hands at $0.0899 and topped the Forbes leaderboard with a 10.8% gain in 24 hours.
The cryptocurrency jumped 29.3% in May, becoming the best performing coin with a market value of at least $1 billion even as bitcoin, the crypto market leader, fell 15%.
Looking ahead, TRX's daily chart showed an impending golden cross, which occurs whenever an asset's average price over the past 50 days rises above its 200-day average. The averages appear set to cross bullish before the weekend in a sign of strengthening bullish momentum.
TRX’s last golden cross happened on Sept. 13 last year, following which it gained 18% in three days.
Further, the golden cross confirmed in June 2020 paved the way for a 10-month bull run that saw the cryptocurrency rally by a staggering 1214% to $0.184.
The broader market saw a similar meteoric rise during that time frame, with bitcoin charting a 10-fold rally to $64,000.