Tron [TRX/USD] Technical Analysis: Cryptocurrency suffers massive bleed as bear tears down support

The cryptocurrency market crash on November 14 saw many coins break its support, leading to a massive sell-off by users. The price drop had a massive effect on major coins too, with Bitcoin [BTC]’s market cap falling below the $100-billion bracket and XRP overtaking Ethereum [ETH] in terms of the market cap on the cryptocurrency charts. Tron [TRX], which has been on a developmental spree of late, also saw its support crumble.

1-hour:

Tron [TRX]’s one-hour graph paints a bleak picture with an acute downtrend. The drop saw the price free fall from $0.0201 to $0.0192. The cryptocurrency’s earlier support also crumbled with the current support settling at $0.018. The resistance has been holding at $0.0248.

The Bollinger bands have started converging after a massive bearish outbreak. The spectacular drop also saw the bearish candles fall out of the Bollinger cloud. The convergence also conveys that there might be a trend change right around the corner.

The Relative Strength Index [RSI] has slowly begun creeping back into the RSI zone after crashing below the oversold zone. The indicator also points to the selling pressure being much greater than the buying pressure.

1-day:

The one-day graph does not offer much reprieve for Tron either, with the downtrend bringing the price down from $0.0572 to $0.024. The support has been holding at $0.018, with the recent downtrend almost threatening to break the support mark.

The Chaikin Money Flow indicator has slowly started its journey towards the bottom of the axis, which is a sign of the money outflow outweighing the inflow.

The Awesome Oscillator has become almost negligible with the bearish atmosphere bringing the market momentum to a grinding halt. The market momentum has been on the downtrend consistently for the past couple of months.

Conclusion

With Bitcoin’s [BTC] noticeable crash, the rest of the cryptocurrency market seems to have followed suit. Tron’s indicators all point to an extended bearish trend, with a lack of major trend changes.