Cryptocurrency

Tron [TRX] Technical Analysis: Bleeding coin gets assistance from the bull


The cryptocurrency market, after seeing tremendous growth, has been seen bleeding. Tron [TRX], the ninth-largest coin, has been bleeding and has registered itself as the top-loser amongst major coins.

At the time of press, TRX was valued at $0.0234, with a market cap of $1.5 billion. The 24-hour trade volume of the coin was noted to be $290 million, with a dip of 8.65% over the past day. TRX has observed an overall growth of 4.61% over the past week, which is way less than what it had registered a few days back. The coin is still falling by 0.17% over the past hour.

1-hour

Source: Trading View

According to the one-hour chart, the coin observed an uptrend from $0.0239 to $0.0328 after which it started falling. The coin marked a downtrend from $0.0328 to $0.0238. The coin plunged as much as it grew. TRX marked resistance at $0.0264, while the support was noted at $0.0235.

Awesome Oscillator predicts a bullish market gaining momentum.

Chaikin Money Flow points towards a bearish trend as the marker is under zero.

Bollinger Bands appear to diverge, increasing volatility in the market. The moving average line is above the sticks, indicating a bearish market.

1-day

Source: Trading View

Source: Trading View

The one-day chart of the coin observed a massive downtrend from $0.0338 to $0.0247, which continued till $0.0132. The coin registered a significant uptrend from $0.0216 to 0.0287. The coin broke the previous resistance at $0.0287 and marked support at $0.0119.

Parabolic SAR indicates a bullish market, with markers aligning under the candles.

MACD line is above the signal line, indicating a bullish market.

Relative Strength Index indicates that the buying and the selling pressures are evening each other out.

Conclusion
As per the indicators Awesome Oscillator, MACD, and Parabolic SAR, the market is summed to be a bullish one. However, Bollinger Bands and Chaikin Money Flow predict a bearish market underway.


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Namrata Shukla

Namrata is a full-time journalist and is interested in covering everything under the sun, with a special focus on the crypto market.





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