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The market has favored cryptocurrencies this week, with a majority of the currencies that are seeing huge growth. The top 10 coins of CoinMarketCap have seen changes in their positions on losses and earnings. Tron, the tenth coin on the list, has also been seen climbing up the back of the bull and is going strong.
According to CoinMarketCap, at the time of the press, Tron was trading at $ 0.0157, with a market capitalization of $ 1 billion. The currency has a trading volume of $ 124 million and has increased by more than 17% over the last seven days.
1 hour
Source: trading view
In the chart at one hour, the coin shows no visible bearish trend, as it has been on the rise for several days. Shows an uptrend from $ 0.0143 to $ 0.0164. The currency has an immediate resistance of $ 0.0164, with a strong support of $ 0.0143.
MACD indicator indicates the currency in bullish territory, however, the moving average line could undergo a crossover with the signal line that changes the market to a bearish one.
RSI is indicating that the buying pressure and selling pressure for the currency are currently leveled, after falling from the overbought zone.
Awesome Oscillator points towards a bearish market that is gaining momentum.
1 day
Source: trading view
According to the one-day chart, the cryptocurrency shows a downtrend from $ 0.0390 to $ 0.0247, which drops further to $ 0.0161. The currency has an uptrend from $ 0.019 to $ 0.0129. The immediate resistance for the currency is $ 0.0247 and the strong support is $ 0.0119.
Parabolic SAR it is predicting a downtrend as the markers are above the candlesticks.
Chaikin cash flow it also marks a bearish market, indicating that money flows out of the market.
Bollinger bands they are seen to be in a converging point, with less volatility in the money market. The moving average line is above the candles, indicating the rule of a bear.
Conclusion
Although the growth of money is enormous, the indicators indicate a bearish market. Impressive Oscillator, Relative Resistance Index [RSI] and the parabolic SAR indicate a market for worms. However, the MACD seems to be on the side of the bull.
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