Tron remains on a bearish trail despite 4.41% growth - AMBCrypto
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Analysis

Tron remains on a bearish trail despite 4.41% growth

Biraajmaan Tamuly

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Source: Pixabay

Tron, the 14th largest cryptocurrency in the world, was witnessing a bullish growth of 4.41 percent over the past 24-hour with a market cap of $1.19 billion. The recorded volume was also pretty significant with $524 million and the token was traded the most on Biki exchange, which was responsible for around 10 percent of the overall trade.

1-hour chart

Resistance 1: $0.0183

Resistance 2: $0.0176

Support 1: $0.0164

The short term chart of TRX experienced an uptrend which stretched its valuation from $0.0171 to $0.0183 after its price had fallen from $0.0178 to $0.0175.

The Bollinger Bands were converging in the charts suggesting decreased volatility at press time.

The Awesome Oscillator pictured the emergence of red bars indicated bearish momentum.

The Chaikin Money Flow or CMF suggested that the capital flowing in was marginally higher than capital going out.

1-day chart

Source: Trading View

Resistance 1: $0.0384

Resistance 2: $0.0353

Resistance 3: $0.0291

Support 1: $0.0208

Support 2: $0.0167

The long term chart was dominantly bearish as the token had recently breached the long support of $0.0208, establishing a new one at $0.0167. An uptrend was exhibited from $0.0277 to $0.0383, after which the price slumped severely.

The Parabolic SAR remained bearish as the dotted markers remained above the candles.

The Relative Strength Index or RSI remained close to the over-sold section after the RSI line remained under the 40-line marker.

The Awesome Oscillator or AO had green bars appear at press time however, the bullish momentum was fairly weak.

Conclusion

Tron, despite experiencing a growth of over 4 percent at press time, failed to exhibit major recovery for the loss which was witnessed over the last one month.

Biraajmaan covers market trends of major cryptocurrencies. As a graduate in engineering, his interests lie in Blockchain technology. With over a year as a journalist, his articles focus on US and UK markets.

Disclaimer: AMBCrypto's content is meant to be informational in nature and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.