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Tron [TRX/USD] Technical Analysis: Cryptocurrency struggles to escape red zone

Priyamvada Singh

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Tron [TRX/USD] Technical Analysis: Cryptocurrency struggles to escape red zone
Source: Pixabay

Tron [TRX], now the tenth-largest cryptocurrency after taking over IOHK’s Cardano [ADA] is currently running the tough miles to escape the red capes.

At press time, the token had slumped by 5.9%, trading at $0.013 with a market cap of $903.9 million. The total trading volume in the past 24 hours is observed at $70.3 million.

1-hour:

TRXUSD 1-hour candlesticks | Source: tradingview

TRXUSD 1-hour candlesticks | Source: tradingview

In the 1-hour time frame, the TRX candlesticks are experiencing a slight downtrend that ranges from $0.016 to $0.015. Here, the uptrend is steeper than the downtrend and is extending from $0.018 to $0.013. There is no major possibility of a trend breakout at this point.

The Parabolic SAR has turned its back on a positive price prediction as the dots have switched sides to lay above the candlesticks, pushing the price down.

The Relative Vigor Index is also bearish on the case as the RVGI continues to slump after making a bearish crossover by the signal.

The Aroon indicator has denied suggesting the fate of Tron as the uptrend and the downtrend continue to move in sync on the graph.

1-day:

TRXUSD 1-day candlesticks | Source: tradingview

TRXUSD 1-day candlesticks | Source: tradingview

In the longer timeline of 1-day, the price candles are witnessing a downtrend that is suspended from $0.039 to $0.024. Here, the support level is set at $0.018. Similar to the above case, there is no possibility of a trend breakout here as well.

The Bollinger Bands are showing a lower volatility in the TRX price, narrowing down the tunnel path that was being followed earlier.

The RSI crashed to the oversold zone in the last week of November. However, it managed to pick itself up but is again approaching the same road to predict a bearish presence in Tron’s quest.

The Klinger Oscillator made a bullish crossover in its last run by the signal. However, the indicator is moving below the 0-line to side with the bear. However, the stance cannot be confirmed as the reading line has not made a bearish crossover as of now.



Conclusion:

Most of the indicators in this technical analysis have turned bearish on the Tron market with downward crossovers and slumped graphs. Furthermore, the Bollinger Bands have predicted a lowered volatility in the market, strengthening the bear’s foot in the space.





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Priyamvada is a full-time journalist at AMBCrypto. A graduate in Journalism & Communication from Manipal University, she believes blockchain technology to be a revolutionary tool in advancing the future. Currently, she holds no value in cryptocurrencies.

Analysis

XRP and Stellar Lumens [XLM] Price Analysis: Coins struggle to cope with bearish pressure

Rishi Raj

Published

on

XRP and Stellar Lumens [XLM] Price Analysis: Coins struggle to cope with bearish pressure
Source: Pixabay

XRP, the third largest cryptocurrency, saw huge amounts of funds being moved earlier today. XRP was priced at $0.3701, with a market cap of $15.5 billion, at press time. The 24-hour trade volume came up to be $1.9 billion out of which, ZBG contributed 6.90% via XRP/USDT pair. XRP had fallen by 7.31% over the last 24 hours, at press time.

XRP’s competitor, Stellar Lumens [XLM] was priced at $0.122, with a market cap of $2.35 billion. The 24 hour trade volume came up to be $416 million, out of which BW.com contributed 10.84% via XLM/USDT pair. XLM fell by 8.61% over the last 24 hours, at press time.

1 day-XRP

Source: TradingView

The 1 day chart for XRP showed a downtrend from $0.5821 to $0.4550. The support point stood at $0.2881. The resistance points were seen at $0.4546 and $0.5247.

The Parabolic SAR showed a bearish trend as the dotted markers were formed on top of the candlesticks.

The MACD indicator hinted at a bearish crossover.

The Relative Strength Index indicated that the buying pressure was falling as the graph was seen to be in a downward move, indicating bearish trend.

1 day- XLM

Source: TradingView

The 1 day chart for XLM showed a downtrend from $0.2775 to $0.1430. The support point stood at $0.0738. The resistance points were seen at $0.1432 and $0.2541.

The Klinger Oscillator showed a bearish trend as the Klinger Oscillator dropped below zero, along with a drop in price

The Chaikin Money Flow crept below zero, indicating a greater outflow of capital, than inflow

The Relative Strength Index showed a decrease in buying pressure, indicating a bearish phase for the coin market.



Conclusion

The 1 day chart for XRP showed an overall bearish trend, as indicated by the aforementioned indicators. The same can be said about XLM.





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