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Tron [TRX/USD] Price Analysis: TRX faces bullish onslaught in shorter timeframe

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Litecoin [LTC] Price Analysis: Bulls holds long-term advantage even as coin stagnates
Source: Pixabay


Developments in the Tron community are progressing well, when compared to its counterparts. The price of Tron at press time was $0.0226, while the market cap was at $1.49 billion.

The 24-hour trading volume for Tron was $107 million and most of the trading volume for TRX came from BitForex exchange, which provides a total of $12 million in trading volume via trading pair TRX/USDT.

IDCM exchange follows BitForex by contributing a total of $9.4 million via the trading pair TRX/BTC.

1 Hour

Source: TradingView

The one-hour chart showed a downtrend that extended from $0.02777 to $0.0229, with no uptrend in sight. The support was seen at $0.0215, while resistance lines were set up at $0.0242, $0.0254, and $0.0283.

The Parabolic SAR markers spawned below the price candles, indicating bullish pressure for TRX in the short-term time frame.

The MACD indicator showed a bullish crossover that was extending over the zero-line.

The Relative Strength Index showed the RSI line touching the overbought zone and retracting from there.

1 Day

Source: TradingView

The one-hour chart for Tron showed a small uptrend that extended from $0.0129 to $0.0220, while the downtrend extended from $0.0498 to $0.0268. The price struck immediate resistance at $0.02689, and was headed towards the support at $0.0119.

The MACD indicator showed a continuation of the bearish crossover beyond the zero-line. The MACD histogram indicated the same with red bars forming below the zero-line.

The Chaikin Money Flow showed the CMF line just below the zero-line, indicating that the money flowing out of the market dominated the influx of money for TRX.

Conclusion

The one-hour timeframe showed a bullish presence for TRX, as indicated by the SAR, MACD and the Relative Strength Index. The one-day chart for TRX prices showed bearish pressure, confirmed by the MACD and the CMF indicators.





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