Connect with us

Analysis

Tron [TRX] Price Analysis: Bear maintains a hold on the coin in the bull’s market

Namrata Shukla

Published

on

Tron [TRX] Price Analysis: Bear maintains a hold on the coin in the bull's market
Source: Pixabay

The cryptocurrency market has been welcomed by the bull after a long bearish trend. However, Tron [TRX], the coin that was the only coin to note a bullish ride when all the major coins were falling, has noted the least growth. The eighth largest coin, TRX, reported a spike of just 4.93% over the past day.

At the time of press, TRX was valued at $0.0272 with a market cap of $1.8 billion. The coin reported a 24-hour trading volume of $240 million and registered a growth of 4.56% over the week. However, the coin has started to fall by 0.08% over the past hour.

1-hour

Source: Trading view

Source: TradingView

According to the one hour chart of the coin, an uptrend was traced from $0.0265 to $0.0285, after which the coin saw a downtrend from $0.0286 to $0.0261. The coin then spiked on 8 February and an uptrend was noted from $0.0259 to $0.0274.  The coin marked resistance at $0.02776 and support at $0.0259.

Bollinger Bands appear to be converging after a period of being diverged and increasing volatility. The moving average line was under the candles marking a bullish market.

Awesome Oscillator indicates a bullish market with decreasing momentum.

Chaikin Money Flow indicates a bearish market, but as the marker points towards the zero line, there might be a change of trend underway.

1-day

Source: Trading view

Source: TradingView

As per the one day chart of the coin, TRX marked a downtrend from $0.0182 to $0.0119 and was followed by an uptrend from $0.0132 to $0.0260. The coin drew resistance at $0.0294 and support was noted at $0.0256. Another support was observed at 0.0238.

Parabolic SAR indicates a bearish market as the markers have aligned above the candlesticks.

MACD line is under the signal line marking a bearish market.

Relative Strength Index indicates that the buying and the selling pressures are evening each other out.

Conclusion

As per the majority of the markers, Parabolic SAR, MACD, and Chaikin Money Flow a bearish market is predicted.

Advertisement
Advertisement

Trending

Subscribe to AMBCrypto's Newsletter