Home / Cryptocurrency / Tron [TRX/USD] Technical analysis: Cryptocurrency to become long-term bullish

Tron [TRX/USD] Technical analysis: Cryptocurrency to become long-term bullish

Tron [TRX], the world's 10th largest cryptocurrency is currently down 6.6% when the token was traded at a depreciated price of $ 0.0187 with a market capitalization of $ 1.25 billion. The trading volume of the 24-hour cycle was recorded at $ 108.5 million.

1 hour:

TRXUSD 1 hour candelabras | Source: tradingview

TRXUSD 1 hour candelabras | Source: tradingview

In the 1 hour analysis, Tron's candlesticks, the downward trend extends from $ 0.0239 to $ 0.0206 while the support level is set at $ 0.0183. As of now, there is no concentration in the price, so there is no trend breakout.

The parabolic SAR is bullish on the cryptocurrency when the points are gathered under the candlesticks.

The Awesome Oscillator is also positive about Tron's fate. From now on, the bars have turned green and are waving a safe signal for the market.

The Aroon indicator is nodding with the prediction of its fellow indicators. It is currently showing greater strength in the green trend while the red trend continues to crash.

1 day:

TRXUSD 1 day candlesticks | Source: tradingview

TRXUSD 1 day candlesticks | Source: tradingview

Over the longer period of Tron's candlesticks, the downward trend goes from $ 0.0247 to $ 0.0204. Here, an immediate and strong support level is set at $ 0.0119. There are no visible expectations of a trend breakout in the near future.

Bollinger Bands have joined forces to make room for volatility in the Tron market. The bands were running in a narrow tunnel model, but they expanded to make prices fluctuate.

The RSI has just returned from the overbought zone to carry out a turnaround. However, the indicator still shows a high purchasing pressure and is moving upward to show a bullish presence.

The Relative Vigor index made a bearish crossover from the signal to project a bearish position in its forecast.

Conclusion:

In this technical analysis, it was concluded that most indicators suggest a bullish run for the currency. Furthermore, there is greater volatility in the trend of the Tron market.


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Priyamvada Singh

Priyamvada is a full-time journalist at AMBCrypto. A graduate in journalism and communication at Manipal University, she believes that blockchain technology is a revolutionary tool for advancing the future. Currently it has no value in cryptocurrencies.

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