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Tron [TRX/USD] Technical Analysis: The bear to further pull down the prices?

Priyamvada Singh

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Source: Pixabay

The cryptocurrency market that is popular for its volatility is still moving sideways, with the 11th largest cryptocurrency, Tron [TRX] displaying no extraordinary trends. As the week took off, the price of TRX was recorded at $0.0255 with a market cap of $1.67 billion. However, Tron experienced a slump in its price across the week to trade at $0.024.

At the time of writing, TRX is down by 1.54%, trading at $0.024 with a market cap of $1.57 billion. The current trading volume in the past 24 hours for the cryptocurrency is observed at $86.3 million.

1-hour:

TRXUSD 1-hour candlesticks | Source: tradingview

TRXUSD 1-hour candlesticks | Source: TradingView

In the 1-hour candlesticks of the coin, the downtrend from $0.0274 to $0.025 and the uptrend moving from $0.023 to $0.0243 have given a considerable amount of space for the trend breakout to occur.

The Bollinger Bands are opening the bottleneck broader to indicate an increased volatility in the future.

The Parabolic SAR is suggestive of an upcoming bearish market for Tron. This is clearly evident by the alignment of the dots above the candlesticks.

Meanwhile, the RSI indicator is also holding a similar stance on the TRX market. Currently, it is floating low on the chart but pointing upward, not confirming its prediction.

1-day:

TRXUSD 1-day candlesticks | Source: tradingview

TRXUSD 1-day candlesticks | Source: TradingView

In the above time frame, the support for the Tron candlesticks is set at $0.0182 with the downward trend-line from $0.0925 to $0.0244 about to converge with the support to form a descending triangle.

The MACD looks negative on the prediction for the TRX market. Currently, the indicator is dancing below the signal line after making a bearish crossover.

The Awesome Oscillator is also showing the signs of a bearish market for the cryptocurrency as it is flashing red at the moment.

Lastly, the Chaikin Money Flow indicator is traveling below the 0-line, displaying no enthusiasm towards a bullish market for Tron.

Conclusion:

The conclusion drawn by this technical analysis is that the price of TRX will be bearish in the upcoming trends, as suggested by all the indicators used above. Furthermore, the downtrend is likely to form a descending triangle with the support, to indicate a drop in the market.





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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.

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