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The cryptocurrency markets are experiencing wild waves of volatility, where all the coins across the board are currently painted red. Here, Tron [TRX], the tenth largest currency, is also down 0.5% where the token is trading at $ 0.0199, with a market capitalization of $ 1.32 billion. The total volume of 24-hour token exchanges is seen to be $ 98.1 million.
1 hour
XRPUSD 1 hour candelabras | Source: tradingview
In the time frame of a Tron candlestick, the downtrend line goes from $ 0.0239 to $ 0.0208, where the uptrend goes from $ 0.0189 to $ 0.020. A price concentration has been noted in the TRX market when prices seem narrow due to the eruption of a trend breakout.
The Parabolic SAR it is bearish on the cryptocurrency while the points have assembled above the price candles to resist a positive price movement.
The Aroon indicator it is showing a weakening of the green trend, giving the red trend an advantage in the market. This indicates a bearish forecast from the reading line.
The Relative vigor index it is also bearish on the cryptocurrency because the reading line has made a bearish crossover from the signal. However, the RVGI has deviated towards an upward approach.
1 day
XRPUSD 1 day candlesticks | Source: tradingview
In the one-day scenario, the downward trend ranges from $ 0.0247 to $ 0.0216 and the upward trend extends from $ 0.013 to $ 0.02. In this case, price concentration has been identified to a certain extent. However, there is no strong chance of a trendy breakout.
The Bollinger bands they are showing a high degree of volatility in the market to suggest wild fluctuations in the TRX price trend.
The RSI he judged a reversal of tendency due to the return of the reading line after traveling in the overbought area. The buying pressure is still high but clashes with the decline in buying activity.
The Chaikin cash flow the indicator is moving under the 0 sign, which shows low purchase pressure. Therefore, the indicators appear to be bearish on the cryptocurrency.
Conclusion
In technical analysis, the indicators used in the short term are bearish along with those used in the longest span of time that have predicted a reversal of trend in favor of the bear. A large volatility will be experienced on the market as suggested by Bollinger Bands.
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