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Tron [TRX/USD] Technical Analysis: Coin shines green in bear’s market

Priya

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Tron [TRX/USD] Technical Analysis: Coin shines green in bear's market
Source: Unsplash

Tron [TRX], the ninth-largest cryptocurrency by market cap, has reemerged as the winner in the cryptocurrency space in terms of price. The currency has gained its momentum as the coin is sparkling in green, days after it was covered it red.

According to CoinMarketCap, at press time, Tron was trading at $0.0247 with a market cap of $1.64 billion. The cryptocurrency registered a trading volume of $317.46 million and had surged by over 8% in the past seven days.

1-hour

Tron one-hour price chart | Source: Trading View

Tron one-hour price chart | Source: Trading View

In the one-hour chart, the coin demonstrates a downtrend from $0.0328 to $0.0247. The uptrend for the coin is pictured from $0.0205 to $0.0213. The immediate resistance is set at $0.0264 and the strong resistance is set at $0.0283. However, the coin has found its immediate support ground at $0.0213 and its strong support ground at $0.0204.

Parabolic SAR has started to show a bullish trend as the dots have aligned below the candlesticks.

Bollinger Bands have started to part from each other, forecasting a high volatile market for the currency.

Chaikin Money Flow continues to show a bearish market as the money is flowing out of the market.

1-day

Tron one-day price chart | Source: Trading View

Tron one-day price chart | Source: Trading View

The one-day chart demonstrates a downtrend from $0.0807 to $0.0287 for the coin. The uptrend is outlined from $0.0119 to $0.0129, and from $0.0132 to $0.0215. The immediate resistance for the coin can be spotted at $0.0287 and the strong resistance at $0.0397. The immediate support has found its ground at $0.0186 and the strong support at $0.0118.

Klinger Oscillator forecasts a bearish wave as the reading line has placed itself below the signal line after a crossover.

MACD is also predicting a bearish whether as the moving line is pictured below the signal line, after the duo had a crossover in the market.

RSI is showing that the buying pressure and the selling pressure for the coin is currently evened out in the market.

Conclusion

Despite the coin colored in green in the market, a majority of the indicators are forecasting a bearish market. This includes Chaikin Money Flow from the one-hour chart, Klinger Oscillator, and MACD from the one-day chart.



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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.

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