Home / Cryptocurrency / Tron [TRX] Technical analysis: the market seems to have been mulled by the bear

Tron [TRX] Technical analysis: the market seems to have been mulled by the bear

The cryptocurrency market has seen new peaks during the holiday season, but the lurking bear will not let it last. The tenth cryptocurrency, Tron [TRX] he has maintained his position. However, it seems to be ruminated by the bear. The currency recorded an overall decline of 0.12% over the last seven days.

According to CoinMarketCap, the currency was valued at $ 0.0207, with a market capitalization of $ 1 billion. TRX recorded a 24-hour trading volume of $ 122 million with a 6.65% growth over the previous day. However, the price of money is seen to be crushed, with a percentage decrease of 2.27%.

1 hour

Source: trading view

Source: trading view

According to the trading point of view, the currency rose from $ 0.0213 to $ 0.0236, after which it dropped from $ 0.0239 to $ 0.0212. The currency met resistance at $ 0.0214, while strong support was provided at $ 0.0182.

Awesome Oscillator points to a bear market, however, losing its momentum.

MACD the line is below the orange line, which indicates a bearish market, immediately after a crossover.

Relative strength index indicates that buying and selling pressures give each other night.

1 day

Source: trading view

Source: trading view

As per Trading View, the currency has experienced a massive downtrend without a significant uptrend. The downward trend extends from $ 0.0338 to $ 0.0213. The currency recorded immediate resistance at $ 0.0216, while strong support was seen at $ 0.0119.

Bollinger bands they seem to have diverged, increasing market volatility. The moving average line is under the candelabras that point towards a bullish presence.

Parabolic SAR indicates a bullish market, with the markers lined up under the candles.

Chaikin cash flow it is below zero, marking a bearish market with money coming out of the market.

Conclusion

According to the indicators in the chart of an hour, Awesome Oscillator and MACD point towards a bear market. The indicators of the one-day chart Bollinger Bands and Chaikin Money Flow predicts a bearish market, however, the Parabolic SAR indicates a possible uptrend.


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