Tron [TRX/USD] Price Analysis: Bearish future predicted as coin price holds steady

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Bitcoin’s [BTC] breach of the elusive $4,000 mark was expected to give a boost to the rest of the cryptocurrency market. However, it only resulted in a few, sporadic bullish rises within the spectrum. Coins like XRP and Tron [TRX] suffered under the weight of the bear, as the prolonged downturn refused to reverse itself.

1-hour

Source: TradingView

The one-hour chart for Tron [TRX] displayed a slight uptrend, causing the price to increase from $0.0223 to $0.0229. The support held strong at $0.0223, while the resistance was at $0.0239.

The Parabolic SAR was above the price candles, suggesting that Tron was going through a bearish phase.

The Bollinger Bands were moving parallelly, due to the price candles fluctuating consistently between fixed points. This suggested a lack of volatility in the coin market.

The Chaikin Money Flow indicator crashed towards the bottom of the graph, a sign of the capital leaving the market being more than the capital coming into the market.

1-day

Source: Trading View

Source: TradingView

Tron’s one-day chart painted a similar picture to that of the one-hour chart, with an uptrend lifting the price from $0.013 to $0.023. The long-term support was set at $0.0116.

The Relative Strength Index flattened in the middle of the graph, signifying the equilibrium between the buying and selling pressure.

The Awesome Oscillator was in a lull due to the reduced market momentum in the Tron ecosystem.

The MACD indicator showed the signal line and the MACD line moving in a conjoined manner, while the histogram was largely painted red.

Conclusion

All the above-mentioned indicators suggested that despite Tron’s uptrends, chances of the price shooting up were low, owing to the lack of market momentum.


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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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