Market Analysis

Tron [TRX] Technical Analysis: Coin falls into the bear trap

from Amb Crypto 5 years ago 0 0 678

The past few days have been very difficult for the cryptocurrency market. The market is on a sideways movement with sudden fall and recovery in a day’s time. Tron [TRX], the ninth largest coin, has been following a similar pattern. However, it has been competing head-to-head with other major coins.

According to CoinMarketCap, the coin was valued at $0.0245 with a market cap of $1.6 billion. The coin registered a 24-hour trade volume of $146 million and notes growth by 1.85% over the past 24 hours, however, it is still falling by 0.08% over the past hour. The coin has recorded a growth of 7.79% over the past week.

1-hour

The one hour chart of the coin reflects a downtrend from $0.0262 to $0.0232, after which the coin noticed an uptrend from $0.0215 to $0.0245. The coin has marked resistance at $0.0248 while support seems strong at $0.0245.

Bollinger Bands is at a converging point, indicating a decreased volatility in the market. The moving average line is observed to be above the candlestick marking a bearish trend.

Awesome Oscillator points towards a bullish market losing momentum.

Chaikin Money Flow indicates a bearish market as the marker is under zero.

1-day

As per the one day chart of the coin, a downtrend was noted from $0.0181 to $0.0119, after which it started to hike from $0.0131 to $0.0215. The coin has not marked a new resistance at the time of press, as it has broken its earlier resistance at $0.0287. The coin marked strong support at $0.0215.

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

MACD line is under the signal line pointing towards a bearish market.

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

Conclusion

As per the indicators, Parabolic SAR, MACD, Bollinger Bands, and Chaikin Money Flow the market is bearish but Awesome Oscillator predicts a bullish market. However, going by the majority, the chances of a bear market is higher.