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Tron [TRX/USD] Technical Analysis: Justin Sun’s cryptocurrency fails to jump out of the bear pit

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Tron [TRX] has been a consistent member of the updates and developments club with the Justin Sun-led company being at the forefront of multiple announcements. As the cryptocurrency market continues to remain bearish, a majority of the popular cryptocurrencies like Bitcoin [BTC], XRP and Ethereum have also taken a tumble in terms of prices and investor sentiments.

1-hour:

The one-hour chart for Tron shows the sideways movement taking a toll on the price as the market dwindles. The recent downtrend resulted in the price dropping from $0.031 to $0.0267. The support has been holding at $0.024 while the resistance is at $0.031.

The Relative Strength Index is currently in the middle of the graph with tiny fluctuations during regular intervals. The hold in the middle signifies an almost equilibrium phase of the buying pressure and the selling pressure.

The Awesome Oscillator displays a sporadic rise and fall of the charts. This varying degree of movement is reflective of the volatile market momentum.

1-day:

 Tron’s one-day chart paints a picture of a cryptocurrency coming out of its bearish drudge. The visible uptrend lifted Tron’s price from $0.013 to $0.025. The long-term support has been holding at $0.012.

The Chaikin Money Flow indicator shows a sharp spike on the chart at the same time that all the developments were announced. The shoot up above the zero-line indicates that the capital coming into the market is much higher than the capital leaving the market.

The MACD indicator shows the  MACD line and the signal line moving as a conjoined pair above the MACD histogram. The histogram has also been showing sporadic bearish and bullish signals.

Conclusion:

The bear’s hold on the market does not seem to be waning as the price continues to stumble across the spectrum. The above-mentioned indicators all take the side of the bull’s enemy with an escape for Tron and its compatriots seeming highly unlikely anytime soon.

 

Source: ambcrypto.com