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Analysis

Tron [TRX] Technical Analysis: Coin hanging by the bull’s thread

Namrata Shukla

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Source: Pixabay

The bleeding market received relief as the market soared on January 13 and has been uneven ever since. Tron [TRX], the ninth largest coin, has been going through similar tough time.

At the time of press, the coin was valued at $0.0246 with a market cap of $1.6 billion. The coin registered 24-hour trade volume of $196 million with a dip of $1.73% over the past 24 hours. Tron has been constantly falling over the past seven days by 9.61% and is still falling by 0.01%.

1-hour

Source: Trading view

Source: Trading view

According to the token’s one hour chart, it reported a downtrend from $0.0328 to $0.0251. The coin also registered an uptrend from $0.0214 to $0.0241, however, it is currently going through constant ups and downs. The coin noted a resistance at $0.0260 while the coin marked two supports. One strong support was observed at $o.0241 and another one at $0.0213.

Bollinger Bands are converging, reducing the volatility in the market. The moving average line appears to be under the candlestick, marking a bullish market.

Awesome Oscillator also shows a bullish trend in reducing momentum.

Chaikin Money Flow indicates a bullish trend as the marker has just crossed the zero line.

1-day 

Source: Trading view

Source: Trading view

The one day chart of the coin showcases a downtrend from $0.0390 to $0.0287. The downtrend was followed by an uptrend from $0.0132 to $0.0287. The coin met with immediate resistance at $0.0287, while strong support is provided at $0.0215 and another at $0.0132.

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

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

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

Conclusion

As per the one-hour indicators Bollinger Bands, Awesome Oscillator, and Chaikin Money Flow predict a bullish market. However, the one-day chart indicators forecast a bearish trend could be underway.



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Namrata is a full-time journalist and is interested in covering everything under the sun, with a special focus on the crypto market.

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