Tron [TRX] Price Analysis: Coin struggles as bear continue to control the market

Tron’s TRX token, the eighth largest cryptocurrency in terms of market cap on CoinMarketCap has been performing sideways for the past few days, after pumping and settling on the eighth position from the tenth position. Tron Foundation’s regular updates about the coin’s better performance has contributed to the market sentiment being positive.

At press time, the token was valued at $0.0238 with a market cap of $1.59 billion. The coin registered a 24-hour trading volume of $117 million while registering a fall by 1.60% over the past hour. The coin has in fact, been falling since the past week by 12.04%.

1-hour

The one hour chart for TRX noted a downtrend from $0.0267 to $0.0243. However, the coin failed to mark a significant uptrend. The coin traced its resistance at $0.0243 while support was observed at $0.0236.

Bollinger Bands appear to be converging, suggesting decreasing market volatility. The moving average line is under the candle pointing towards a bearish market.

Awesome Oscillator indicates weakened bullish momentum.

Chaikin Money Flow points towards a bearish trend as the marker is under the zero line, suggesting that money is flowing out of the market.

1-day

The one day chart for TRX points towards a downtrend from $0.0183 to $0.0119, followed by an uptrend from $0.0132 to $0.0236. The coin traced its resistance at $0.0294 while noting support at two points. TRX is provided strong support at $0.0236 and at $0.0215.

Parabolic SAR points towards a bearish market as the markers have aligned themselves above the candles.

MACD line is under the signal line, indicating a bearish trend

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

Conclusion

As per the majority of the indicators, Chaikin Money Flow, Parabolic SAR, and MACD all forecast a bearish trend for the eighth largest coin and the token will have to prepare for competition from other coins for its position.