Home Tech Tron Price Analysis: Bear befriends the estranged coin

Tron [TRX] Price Analysis: Bear befriends the estranged coin

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All the major cryptocurrencies are trying to maintain their standing on the CoinMarketCap list and have been successful so far. Tron [TRX], the eighth-largest coin, has been promoted to the eighth position from the tenth and has been mostly undergoing a sideways movement.

At press time, the coin was valued at $0.0248, with a market cap of $1.6 billion. The coin reported a 24-hour trade volume of $153 million while registering a growth of 0.92% over the past 24 hours. The coin continues to spike by 1.01% over the past hour and has fallen by 3.54% over the past week.

TRX’s one-hour chart noted an uptrend from $0.0277 to $0.0255, which was followed by an uptrend from $0.0260 to $0.0275. The coin marked resistance at $0.0255 and support at $0.0245.

Bollinger Bands appear to have diverged, increasing the volatility in the market.  The moving average line is under the candlesticks, indicating a bullish market.

Awesome Oscillator points towards a weakened bearish trend.

Chaikin Money Flow indicates bullish run too, as the marker is above the zero-mark.

1-day

Source: Trading view

Source: Trading view

The one-day chart of TRX marks a downtrend from $0.0208 to $0.0119, followed by an uptrend from $0.0132 to $0.0248. The coin traced a resistance at $0.0295 and support at $0.0238.

Parabolic SAR indicates a bearish market, as the markers have aligned themselves above the candles.

MACD line is under the signal line, marking a bearish reign.

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

Conclusion

As per the majority of the indicators, Awesome Oscillator, PArabolic SAR, and MACD, a bearish reign is being forecasted. However, Bollinger Bands and Chaikin Money Flow predict a bullish hangover.

 

Source: ambcrypto.com