Tron [TRX/USD] Price Analysis: Cryptocurrency price remains stagnant as bear reigns supreme

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The cryptocurrency market has been on a roller coaster ride for quite some time now, with several popular cryptocurrencies seeing significant bearish turns after slightly bullish spikes. Popular coins like Bitcoin [BTC], Ethereum [ETH] and Tron [TRX] have been caught in a bear hug, which affected not just the price, but also the market cap.

1 hour

Source: TradingView

Tron’s one-hour graph showed the cryptocurrency settling into a sideways movement after performing well over the past week. The support had been holding at $0.0236 while resistance held at $0.0262. The current downtrend resulted in the price dropping from $0.0262 to $0.0255.

The Parabolic SAR was a mix of bearish and bullish signals, indicated by the markers. The markers staying above the candles was a bearish signal.

The Awesome Oscillator indicated a fall in amplitude of the graph which was a direct result of the dip in the Tron market momentum.

The Chaikin Money Flow indicator was above the zero line, which meant that the capital coming into the market was much more than the capital leaving the market.

1 day

Source: TradingView

Tron’s one-day graph pointed to the fact that the Justin Sun-led cryptocurrency has been one of the better performers of late. The visible uptrend lifted the price from $0.0132 to $0.0238. Long-term support was holding at $0.0116.

The Relative Strength Index put Tron square in the middle of the graph. The middle hold indicated that the selling pressure and the buying pressure had evened out and were almost equal.

The MACD indicator was bearish with the MACD line and the signal line both crashing. The MACD histogram, on the other hand, was majorly bullish.

Conclusion:

The above-mentioned indicators show an equal mix of bearish and bullish signals. This trend was reflective of the sideways price movement that Tron is currently displaying.


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Akash Anand

Engineering graduate,crypto head and Arsenal fan. Is fascinated by technology and all its marvels. Strictly against pineapple on pizza.

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