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Tron [TRX] Technical Analysis: Coin leans towards the bearish zone

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Tron [TRX] Technical Analysis: Coin leans towards the bearish zone
Source: Unsplash

Apart from the excessive fluctuations in the market lately, prices all the top-ten leading cryptocurrencies have undergone a major decline as observed in the past 24 hours. The fate of Tron [TRX], currently ranked eighth on the CoinMarketCap, is no different. Over the weekend, the price of TRX treaded steadily, however, dropped a massive rate of 9.73% during the early hours of Monday.

At the time of writing, the coin has exhibited a market cap of $1.79 billion. Priced at $0.027, the coin registered a trading volume of $411.9 million.

1-hour

Source: Trading View

Source: Trading View

During the short-term one-hour price prediction of the coin, an uptrend from $0.027 to $0.029 and a downtrend from $0.031 to  $0.030 was recorded. The immediate resistance for the coin was marked at $0.027, with the price of the coin gearing very close to the resistance. The second resistance is marked at $0.030 and two supports were noted at $0.027 and $0.026.

Parabolic SAR indicates the coin heading towards a bearish zone with the dotted lines aligned above the candles.

Awesome Indicator shows a bearish price movement for the coin.

Further, the signal line is treading above the reading line on the Klinger Oscillator chart, depicting a bearish trend.

1-day

Source: Trading View

Source: Trading View

During the one-day overview, the valuation of the coin ascended from $0.014 to $0.021 and recorded a significant downtrend of $0.022 to $0.013. A resistance of $0.025 has been noted and immediate support is marked at $0.013.

The converging Bollinger Bands depicts low price volatility in the coin’s price. The moving average line points to a bullish trend for the coin.

The MACD indicator also pictures the coin heading towards a bullish zone with the MACD line positioned on top of the Signal line.

The Chaikin Money Flow indicates a bearish trend with the graph spiraling below the zero-line, depicting an outflow of money from the market.



Conclusion:

The short-term technical analysis of TRX predicts its price movements in the bear’s loop. However, the one-day analysis of the coin via MACD and BB depicts the coin’s price gearing towards the bullish zone. The CMF indicator for the latter time period also predicts a bearish market pattern for the coin.





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Chayanika holds a Journalism degree and is currently working with AMBCrypto. She is inquisitive about everything that the Blockchain Technology has to offer.

Analysis

Tron [TRX] surges 7.50% in an hour after Justin Sun hints at ‘huge and amazing’ announcement in TRX, BTT ecosystem

Biraajmaan Tamuly

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Tron [TRX] surges 7.50% in an hour following a "Something huge" Justin Sun announcement
Source: Pixabay

Justin Sun’s Tron [TRX] has been one of the top performers in the recent price surge, which collectively improved the overall market cap of the virtual asset. At press time, Tron exhibited another major surge, as the one-hour chart experienced a rapid hike of 7.50%, according to Trading View.

Source: Trading View

According to CoinMarketCap, Tron was the eleventh largest cryptocurrency at press time with a market capitalization of $1.93 billion. The trade volume for the token was around $709 million and the coin was priced at $0.0289.

The token was traded the most on the Fatbtc exchange via the TRX/ETH pair, which accounted for 8.52 percent of the volume, equivalent to $63 million. BW.com exchange followed up in second place with a trade volume of 8.44 percent via the trade pair TRX/USDT.

Crypto enthusiasts attributed the current price surge to a statement made by Justin Sun on Twitter, where he hinted at a major announcement with regards to Tron and BitTorrent.



He stated,

Source: Twitter

The announcement gathered the attention of the crypto-community and the market responded to the announcement as capital started flowing into the token’s market. Jayden Crypto, a popular crypto-trader, also responded to the upcoming announcement and indicated that a major flash hike might be in the offing for Justin Sun-led cryptocurrency.





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