Connect with us

Analysis

Tron [TRX] Price Analysis: Bears prepare to attack as coin registers minimal growth

Namrata Shukla

Published

on

Tron [TRX] Price Analysis: Bears prepare for an attack as coin registers minimal growth
Source: Pixabay


Major coins on the CoinMarketCap were on a roller coaster ride as the bear and bull kept up the tussle for control of the coin market. Tron [TRX], which was once the only coin to sail smoothly during the bear’s attack, also succumbed to the market trend.

At press time, the tenth largest coin was valued at $0.0226, with a market cap of $1.5 billion. The coin registered a 24-hour trading volume of $159 million while noting a rise in prices by 1.72% over the past day. The coin noted a minimal rise of 3.41% over the past week.

1-hour

Source: Trading view

Source: TradingView

The one-hour chart for the token noted a downtrend from $0.0230 to $0.0215, following a gradual rise in its price from $0.0215 to $0.0225. The coin noted resistance at $0.0233 and since it showcased an upward trend, immediate support was not found. However, strong support was marked at $0.0215.

Bollinger Bands appeared to be diverging, indicating increased market volatility. The moving average line was over the candlesticks, marking a bearish market.

Awesome Oscillator marked a strong bearish trend.

Chaikin Money Flow also marked a bearish trend for the token as the marker was just under the zero line.

1-day

Source: Trading view

Source: TradingView

TRX’s one-day chart showcased a similar fall of prices, followed by a gradual price shift. The token marked a downtrend from $0.0182 to $0.0119, after which the price of the coin soared from $0.0129 to $0.0227. The token drew resistance at $0.0294 and support at $0.0215.

Parabolic SAR indicated a bearish trend for TRX as the markers were aligned above the candlesticks.

MACD line was under the signal line, marking a bearish reign in the market.

Relative Strength Index indicated that the buying and the selling pressures evened each other out.

Conclusion 

All the indicators of the one-hour and one-day charts, including the Bollinger Bands, Awesome Oscillator, Chaikin Money Flow, Parabolic SAR, and MACD, marked a bearish run for Tron [TRX].





Subscribe to AMBCrypto’s Newsletter


Partner

Advertisement
Advertisement
Advertisement
Advertisement
Advertisement