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Tron [TRX/USD] Technical Analysis: Cryptocurrency’s bullish high seems to be wearing off

Akash Anand

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Tron [TRX/USD] Technical Analysis: Cryptocurrency's bullish high seems to be wearing off
Source: Unsplash

The tumultuous cryptocurrency has seen its highs and lows over the past week and the resulting price fluctuations have been consistent across the cryptocurrency charts. Popular cryptocurrencies like Bitcoin [BTC], Ethereum [ETH] and Tron [TRX] have all received a mixed bag of sorts in terms of the prices. The Justin Sun led company has been on quite a roll with multiple announcements and updates coming out of the company stables. Although the TRONics were delighted with the recent price hike, the current scenario seems to be a tad different.

1 hour

The trend lines show a visible downward trend with the sideways price movements stabilizing after the massive bullish spike. Tron had held a support of $0.0249 which was consistent for a couple of hours post which, it dropped to its current support of $0.0246.

Another major pointer that the trend line has revealed is that the support after the bull run has settled higher than the six days prior to Tron rising to $0.0273. The MACD and the signal lines have crossed over multiple times with the MACD histogram almost flat, indicating a sideways movement of the prices sprinkled with some bearish pulls. The MACD graph coincides directly with the price chart and is tending towards the bear’s realm.

1 day

The Bollinger bands are showing a consistent pipe-like shape which is indicative of the absence of a price outbreak. The bearish trend is clearly seen on the bands which have maintained is shape but has been depressed in terms of price. Tron’s price movements have stayed between the up[per Bolliger band and the lower Bollinger band, a sign of a sustained price movement.

The Relative Strength Index [RSI] shows Tron maintaining a close relationship with the overbought zone. The day’s price has stayed consistently between the overbought and oversold zone. The past month, according to the charts showed the cryptocurrency tending more towards the oversold zone.

The RSI also shows that even though Tron has maintained a healthy relationship with the overbought zone, the bear’s clutches just does not seem to let go of it completely, bringing the price back down towards the oversold line.

Conclusion

Tron seems to be headed towards a path peppered with slight bearish drops in a majoritarian sideways price movement.





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