Tron [TRX/USD] Technical Analysis: Bears snatch the short-term rally from bulls

Tron, like all the other cryptocurrencies, has settled down after a short-term rally and is now the eighth-largest cryptocurrency in the world. The price of Tron, at press time, was $0.0256, with a market cap of $1.7 billion.

The 24-hour trade volume for TRX was $195 million and most of the trade volume came from OEX exchange as it contributed a total of $49 million via trade pair TRX/ETH and held 24.73% of the total trade volume.

1-hour

The downtrend for the one-hour chart is seen ranging from $0.0310 to $0.0262, with no uptrend in sight. The support at $0.0254 has been tested multiple times and is still holding strong. The prices for TRX are bouncing from the aforementioned support and the resistance point at $0.0283.

The Parabolic SAR markers are seen spawning above the price candles, indicating a bearish pressure for TRX.

The MACD indicator shows MACD and the signal lines creeping closer to each other, signaling a cross over to the bottom – bearish crossover.

The Awesome Oscillator shows the same sign as the above indicators, which is bearish since the lines are formed below the zero-line, indicating a reduction in the momentum of the prices.

1-day

The one-day chart for TRX shows an uptrend that ranges from $0.0129 to $0.0253, while a downtrend that extends from $0.0498 to $0.0294. The support at $0.0119 is holding the prices above it. The resistance at $0.0267 was breached recently by the bulls, however, the bulls couldn’t hold it there and prices have now fallen below it again.

The MACD indicator shows a bearish crossover that is about to fall below the zero-line indicating a strong bullish pressure for TRX in the longer time frames as well.

The Stochastic indicator shows the same as the MACD i.e, a bearish cross over.

The Chaikin Money Flow indicates that money is flowing out of the market since the CMF line is collapsing below the zero-line.

Conclusion

The one-hour chart for TRX shows trend reversals as spotted by indicators SAR, MACD, and AO. The one-day chart shows the same as the one-hour – bearish pressure. The indicators in MACD, Stochastic and CMF, all indicate a bearish pressure for TRX.