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The collapse of the cryptocurrency market on November 14 saw many coins break its support, leading to a massive sell-off by users. The fall in prices has also had an enormous effect on the main currencies, with Bitcoin [BTC]Market capitalization fell below the $ 100 billion parenthesis and XRP surpassed Ethereum [ETH] in terms of market capitalization on the cryptocurrency charts. Tron [TRX], who has been on a recent development spree, also saw his support collapse.
1 hour:
Tron [TRX]The one-hour chart depicts a bleak picture with an acute downward trend. The decline saw the price drop from $ 0.0201 to $ 0.0192. Even the previous cryptocurrency support crumbled with the current support which stood at $ 0.018. The resistance reached $ 0.0248.
The Bollinger bands they started to converge after a massive bearish attack. The spectacular fall also saw bearish candles fall from Bollinger's cloud. Convergence also conveys that there may be a trend change just around the corner.
The Relative strength index [RSI] he slowly began to creep into the RSI area after crashing below the oversold zone. The indicator also indicates that the sales pressure is much greater than the purchase pressure.
1 day:
Even the one-day chart does not offer much relief for Tron, with the downward trend leading from $ 0.0572 to $ 0.024. Support reached $ 0.018, with the recent bearish trend that almost threatened to break the support brand.
The Chaikin cash flow the indicator slowly began its journey to the bottom of the axis, which is a sign of the outflow of money that exceeds the inflow.
The Awesome Oscillator it became almost negligible with the bearish atmosphere that brought the market to a halt. Market dynamics have been steadily down in the last two months.
Conclusion
With Bitcoin [BTC] significant incident, the rest of the cryptocurrency market seems to have followed the example. The Tron indicators all indicate an extended bearish trend, with the lack of major trend changes.
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