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Tron [TRX/USD] Technical Analysis: Cryptocurrency fares better than the rest as bullish trend continues

Akash Anand

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Tron [TRX/USD] Technical Analysis: Cryptocurrency fares better than the rest as bullish trend continues
Source: Unsplash

The cryptocurrency market’s volatile motion has been persistent since the start of the year, with several coins showing similar patterns. Even popular coins like Bitcoin [BTC], XRP and Tron [TRX] show recurring up-down shifts in value, a fact that has made many investors sit up and take notice. The seemingly non-negotiable nature of the bear market comes amid several updates in the cryptocurrency industry, a majority of which has been made by Tron.

1 hour:

The one-day graph for Tron places the cryptocurrency at a much better position than the others as shown by the uptrend. The spike enabled Tron to climb from $0.0237 to $0.026. The support has been holding at $0.023 with the immediate resistance staying at $0.277.

The Relative Strength Index has remained in the middle of the graph, after staying near the overbought zone. The fall to the middle indicates that the selling pressure and buying pressure are almost equal now.

The Bollinger bands seem to be closing down, signifying the end of an outbreak. The almost-parallel movement of the upper band and the lower band is due to the sideways movement of the price.

1 day:

The one-day graph shows a climb that has stemmed from short term gains. The uptrend lifted the prices from  $0.014 to $0.028 while the support has been holding at $0.0117.

The Chaikin Money Flow indicator has stayed below the zero line for the past two weeks. This fall shows that the capital leaving the market is much higher than the capital coming into the market.

The Awesome Oscillator has maintained a healthy spike as a result of the increased market momentum.

Conclusion:

The above-mentioned indicators show a continued sideways movement with sporadic bullish spikes in between. This movement is reflective of Tron’s movement since the start of the year, with Justin Sun being at the forefront of several announcements and collaborations.



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Engineering graduate,crypto head and Arsenal fan. Is fascinated by technology and all its marvels. Strictly against pineapple on pizza.

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