The cryptocurrency market’s struggle with the bull and the bear was evident over the last week with several coins going up and down on the price rollercoaster. Bitcoin [BTC], Ethereum [ETH] and Tron [TRX] were all victims to the attack as shown by the dip in market volume and market cap.
The one-hour chart for TRX displayed a dip in prices after reaching the resistance. The support was at $0.0237 while the resistance was at $0.0277. The downtrend resulted in the prices dropping from $0.0277 to $0.0245.
The Parabolic SAR at press time, was below the candles which was a bullish sign.
The Relative Strength Index was spiking towards the overbought zone. This suggested that the buying pressure in the market was much more than the selling pressure.
The MACD indicator was moving as a conjoined pair with the signal line and the MACD line both flat-lining. The MACD histogram showed reduced momentum in the market.
Tron’s one-day chart painted a better picture for TRX with a visible uptrend. The uptrend lifted the price from $0.013 to $0.0236. The support for the cryptocurrency was holding at $0.0118.
The Chaikin Money Flow indicator fell to the bottom of the graph after holding above the zero line. This indicated that the capital leaving the market was more than the capital coming into the market.
The Bollinger Bands started to contract after sideways movement settled in. The smaller size of the Bollinger clouds further indicated that the price movements were not very drastic in the long term.
The above-mentioned indicators pointed to a lack of significant uptrends, as was evidenced by the continued presence of the bear in the market scenario. The recent price hikes gave users and investors a sliver of hope in the longest ongoing bear run in the history of Bitcoin.
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Engineering graduate,crypto head and Arsenal fan. Is fascinated by technology and all its marvels. Strictly against pineapple on pizza.