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Tron [TRX/USD] Technical Analysis: Cryptocurrency faces the bear again after enjoying bullish surge

Akash Anand

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Source: Unsplash

Tron [TRX] has been enjoying the bull run over the past couple of days, with the cryptocurrency seemingly coming out of its bearish rut. TRX, which made news recently for breaking its daily transaction record, has not stopped its developmental role, thanks to its founder and Chief Executive Officer, Justin Sun.

1-hour:

The trend lines indicate an uptrend with the Tron price increasing from $0.022 to $0.0239. The support has been holding at $0.021, while the resistance has been maintained at $0.0249.

The Parabolic SAR points to a bearish market, with the markers maintaining above the price candles. The overall analysis of the past couple of days, however, shows the PSAR indicating a bearish rise.

The MACD has started on a downward path after crossing over at the top of the MACD histogram. The histogram has been a mix of both bearish and bullish spikes.

The Chaikin Money Flow indicator has maintained close to the middle of the axis, pointing to a balance in the inflow and outflow of money in the cryptocurrency market.

1-day:

The TRX one-day graph shows the cryptocurrency undergoing a consistent slide in prices. The trend lines indicate the price falling from a peak of $0.081 to $0.023. The support has been maintained at $0.018.

The Bollinger bands have taken the shape of a pipe, which is a sign of the sideways price movement. The lack of Bollinger clouds also shows that the bear has been maintaining a stronghold in the cryptocurrency market.

The Relative Strength Index graph is hanging in the middle of the overbought and oversold zone. The middle hold indicates an equilibrium between the buying pressure and the selling pressure in the market.

Conclusion

The above-mentioned indicators mostly point to Tron prices moving in a sideways manner, with the bear slowly gaining strength. Only the RSI graph shows a glimpse of the bull in an otherwise bear market.


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