Tron [TRX/USD] Technical Analysis: Bear continues to plunder the cryptocurrency despite bullish spike

Tron [TRX] has been quite active on the social media front with several developments and updates being announced by Justin Sun, the Founder and Chief Executive of the Tron Foundation. The bear market, on the other hand, has had different plans for the cryptocurrency, with Tron seeing multiple support breaks and a lack of bullish spikes.

1 hour:

The one-hour Tron graph shows an acute downtrend with the price consistently dropping. The downtrend has brought down the value of the cryptocurrency from $0.0188 to $0.013. The cryptocurrency’s support has been holding at $0.0115 while the resistance is at $0.01921.

The Bollinger bands have started a convergence which is indicative of a lack of price breakouts. This may also be due to the sideways movement of the prices.

The Relative Strength Index puts Tron right in the middle, a sign of the equilibrium between the buying pressure and the selling pressure.

1 day:

Tron’s one day graph paints a bleak picture for Tronics because of the multiple downtrends. The drop has brought the prices down from $0.0343 to $0.0125 with the long-term support being lowered to $0.0123.

After a lull in the market momentum, the Awesome Oscillator shows an increase of bearish momentum on the Tron network. The bear’s hold has also been made evident with the complete lack of bullish momentum.

The Chaikin Money Flow indicator has crashed below the zero line. This is an evidence of the investor sentiment being affected negatively due to the market crash. The fall below the axis is also a sign of the money flowing out of the market being more than the inflow.

Conclusion:

Tron’s price woes are likely to continue with all the above-mentioned indicators taking the side of the bear. The indicators also show a lack of trend changes in the cryptocurrency market.