Tron [TRX/USD] Price Analysis: Token fails to climb the price ladder as updates increase

The cryptocurrency market’s rollercoaster has been going on for some time now, with users and investors bracing for an attack by the bear. These price downtrends have not been exclusive to just some cryptocurrencies but, have had a widespread effect across the entire market. Popular coins like Bitcoin [BTC], Ethereum [ETH] and Tron [TRX] have all succumbed to the bear’s prowess with emphasis on the support breaks.

1-hour

After starting the year off with price hikes, Tron has fallen prey to the bear, with the downtrend becoming more and more significant. The visible downtrend resulted in the prices dropping from $0.0277 to $0.0242 while the support has been holding at $0.0236. The immediate resistance is at $0.0277.

The Parabolic SAR has been a mix of bearish and bullish signals, with the bear having a slight edge over the bull. This is evidenced by the markers staying above the price candles.

The Awesome Oscillator for Tron has fared better than other cryptocurrencies, with the amplitude still remaining significant. The AO still points to the fact that the market momentum has decreased considerably over time.

1-day

Tron’s one-day graph paints the opposite picture to that of the one-hour graph, with the uptrend standing out. The rise lifted the prices from $0.0126 to $0.0236 while the long-term support is at $0.0117.

The Relative Strength Index has started falling towards the oversold zone after staying closer to the overbought zone earlier. The hold near the oversold zone is a sign of the selling pressure being more than the buying pressure.

The Chaikin Money Flow indicator has crashed way below the zero-line. This suggests that more capital is leaving the market, than coming in.

Conclusion

The above-mentioned indicators all point to the rampant pressure by the bear on the cryptocurrency market. Tron’s user base has been vying for a ‘moon’ spike on the back of several updates and developments, something that the cryptocurrency market’s behavior is yet to provide.