Connect with us

Altcoins

Tron [TRX] Technical Analysis: Bulls takeover the bear’s turf

Namrata Shukla

Published

on

Tron [TRX/USD] Technical Analysis: Bulls takeover the bear's turf
Source: Unsplash

Tron [TRX] is now among the top 10 cryptocurrencies according to CoinMarketCap and has shown a hike of 0.26% in the last 24-hours. TRX has grown by 12% in the last seven days, while the major cryptocurrency is being pinned down by the bear.

According to CoinMarketCap, Tron was trading at $0.0145 with a market cap of $959 million and a 24-hour trade volume of $76 million.

1-hour

Source: Trading View

Source: Trading View

The coin registered a downtrend from $0.0164 to $0.0151, which further slipped till $0.01453. TRX also showed a miniscule uptrend from $0.0134 to $0.0140. There was an immediate resistance offered to the coin at $0.0151, while a strong support was registered at $0.0134.

Parabolic SAR indicates a bullish market as the markers are under the candles.

Awesome Oscillator too is in line with the aforementioned indicator and marks a bullish market.

MACD points toward a green market as the moving average line has taken a bullish curve.

1-Day

Source: Trading View

Source: Trading View

The coin showed a downtrend from $0.0390 to $0.0247. An uptrend was noticed from $0.0120 to $0.0137. The coin faced an immediate resistance at $0.0157, whereas a strong support was offered at $0.0119.

Bollinger Bands hints towards a volatile market which means the prices might fluctuate but is slowly converging.

Chaikin Money Flow indicator is below the 0-line, unlike others, marks a bearish market as the money is flowing out of the market.

Relative Strength Index is indicating that the buying and selling pressure are evening each other out.



Conclusion

Tron has shown a steady growth in the past week and it looks like it will no longer be dragged by the bear as indicated by Parabolic SAR and MACD. However, the bear still seems to linger, as indicated by CMF.





Subscribe to AMBCrypto’s Newsletter


News

Small victory for iFinex, Monero responds to Reuters report and more

Jibin M George

Published

on

Crypto News – 23 May

Another banks drops crypto-project: After Dutch multinational bank, ABN AMRO, Rabobank announced that it is dropping plans to launch its own crypto-project

Read more at https://bit.ly/2HN7l1P

SCB Thailand on XRP adoption: Thailand’s Siam Commercial Bank asked users to remain patient and wait for an announcement about integrating and adopting XRP for transfers

Read more at  https://bit.ly/2YK3Lws

Mark Yusko on Bitcoin: Morgan Creek Capital’s Chief Investment Officer is in the news after he claimed that owning Bitcoin was a great way to diversify one’s portfolio

Read more at https://bit.ly/2Eukv2O

Binance Coin on adoption spree: BNB can now be traded on Tesla using two wallets

Read more at https://bit.ly/2YJn5cY

Binance Research on Facebook: New research by Binance claimed that the entry of Facebook in the cryptocurrency market will define market’s future growth drivers

Read more at https://bit.ly/2VKx8N1



Binance’s IEO performance: Binance led the IEO performance charts as new data revealed that the exchange’s Launchpad token sales outpaced competing platforms

Read more at https://bit.ly/2JX9gUg





Subscribe to AMBCrypto’s Newsletter


Continue Reading

Trending