Tron [TRX/USD] Technical Analysis: Bull has marked its territory

The whole cryptocurrency market has been covered in green since the beginning of this week, with major cryptocurrencies smashing their resistance points after several attempts. The lead in this battle is currently Tron [TRX], the tenth-largest cryptocurrency by market cap.

According to CoinMarketCap, at press time, Tron is trading at $0.0212, with a market cap of $1.41 billion. The cryptocurrency records a trading volume of $317.97 million and has surged by over 66% in the past seven days.

1-hour

In the one-hour chart, the cryptocurrency has an uptrend from $0.0134 to $0.0223. It also records a minor downtrend from $0.0223 to $0.0211. The current resistance for the cryptocurrency is set at $0.0223. It has found its support levels at $0.0191 and $0.0158.

Parabolic SAR is currently showing the bull taking rounds in the market as the dots have aligned below the candlesticks.

Chaikin Money Flow, on the other hand, is showing that the bear is near the entrance as the money is currently flowing out of the market.

Bollinger Bands is showing that the bull and bear might not collide in the market anytime soon, as the bands are seen converging.

1-day

The one-day chart demonstrates a downtrend from $0.0725 to $0.0204. It shows that the immediate resistance is at $0.0247 and the strong resistance is at $0.0499. The support for the cryptocurrency is recorded at $0.0118 ground.

Klinger Oscillator is showing that the bull’s presence over the market is strong as the reading line has made a crossover only to take the path pointing up north.

MACD is also forecasting the same as the moving average line has made a bullish crossover.

RSI is in complete agreement with the two, as it is showing that the buying pressure for the cryptocurrency is more than the selling pressure.

Conclusion

The bull has claimed its rights over the market. It has gained the support of Parabolic SAR from the one-hour chart and Klinger Oscillator, MACD, and RSI from the one-day chart.