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Tron [TRX] Technical Analysis: Bull leads token to a green new year

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The new year has brought with it new dawn on the cryptocurrency market, and a green market seems to welcome it. Tron has welcomed the new year with a summit and a good market.

At the time of press, the coin was valued at $0.0194, with a market cap of $1.2 billion. TRX registered a 24-hour trade volume of $79 million, with a little slip of 0.20% over the past hour. The coin was highly traded on Bit-z with a trading volume of $16 million on TRX/BTC pair, followed by Binance and Huobi.

1-hour

Source: Trading View

Source: Trading View

The coin registered an uptrend from $0.0192 to $0.0203, followed by a downtrend from $0.0212 to $0.0201. The coin was met with resistance at $0.0201, while strong support was offered at $0.0191. The coin was growing in value by 0.76% over the past 24 hours, at the time of press.

Parabolic SAR points towards a bearish market, with markers aligning above the candles.

Awesome Oscillator indicates a bullish trend gaining momentum.

Chaikin Money Flow in under the zero-mark, pointing towards a bearish reign.

1-day

Source: Trading View

Source: Trading View

According to the one-day chart of the coin, it registered a downtrend from $0.0325 to $0.0247, which extended further to $0.0159. The coin also reported an uptrend from $0.0129 to $0.0193. TRX also saw resistance at $0.0215, while support was noted at $0.0132.

Bollinger Bands appear to diverge, increasing the market volatility. However, the moving average line is under the candlesticks, marking a bullish market.

MACD line is above the signal line but is in the middle of a crossover making the market a bearish one.

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

Conclusion 

According to Parabolic SAR, and Chaikin Money Flow the market appears to be taken over by the bear. However, Awesome Oscillator, Bollinger Bands, and MACD predict bull’s victory in the market.

 

Source: ambcrypto.com