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Tron [TRX/USD] Price Analysis: Justin Sun’s cryptocurrency falls to a three-month low

Akash Anand

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Tron [TRX/USD] Price Analysis: Justin Sun's cryptocurrency falls to a three-month low
Source: Pixabay


The bear’s presence in the cryptocurrency market was made evident again as a solid price crash shook the entire coin market, including Tron [TRX]. Popular cryptocurrencies like Bitcoin [BTC], Ethereum [ETH] and XRP all saw their prices falling after a fairly quiet week prior.

1-hour

Source: TradingView

The one-hour graph for Tron showed a significant downtrend which pushed the price from $0.0277 to $0.0235. The support was lowered to $0.0218 while the resistance stood at $0.02779.

The Bollinger bands had begun diverging as the price candles fell out of the Bollinger cloud. The size of the Bollinger cloud was slightly bigger than the previous one, suggesting a possible bearish breakout.

The Relative Strength Index crashed below the oversold zone, indicating that the selling pressure was much more than the buying pressure.

The MACD indicator displayed both the signal line and the MACD line crashing towards the bottom of the graph after a bearish crossover. The MACD histogram was a mix of bearish and bullish signals.

1-day

Source: TradingView

Tron’s one-day graph painted a better picture for the cryptocurrency as the uptrend lifted the price from $0.01295 to $0.0222. The long-term support was at $0.0116 and has remained so for a couple of months.

The dotted markers of the Parabolic SAR were above the price candles, projecting a bearish future for the coin.

The Chaikin Money Flow indicator was way below the zero-line, meaning that capital leaving the market was much higher than the capital coming into the market.

The Awesome Oscillator showed that when compared to February, there was a gradual decrease in market momentum.

Conclusion

All the above-mentioned indicators point to the bear holing fort over the coin market as Tron prices fell to a three-month low.





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