Tron [TRX/USD] Technical Analysis: Justin Sun’s cryptocurrency rides bull wave as bear threat remains constant

The crypto sphere has been abuzz with the market turning green and red in a span of just a week. Popular cryptocurrencies like Bitcoin [BTC], XRP and Tron [TRX] have all seen trend reversals that have led users to speculate the onset of a bull run in the near future.

1 hour:

Tron’s one day graph shows the cryptocurrency slowly climbing up in terms of the price after a slump. The uptrend lifted the value from $0.016 to $0.019 while the downtrend brought the price down to $0.0198. The support has been holding at $0.015 while the resistance is at $0.0239.

The Chaikin Money Flow indicator has spiked well above the zero line, indicating a bullish trend. This also means that the money flowing into the market is more than the outflow.

The Relative Strength Index has been sporadic in nature, with the graph staying closer to the oversold zone. Being closer to the oversold zone is a sign of the selling pressure being more than the buying pressure.

1 day:

The one-day graph for Tron shows a massive downtrend after which the cryptocurrency has shown signs of recovery. The downtrend resulted in the prices falling from $0.0389 to $0.0132. The latest uptrend lifted the price to $0.221 with the immediate support at $0.018.

The Parabolic SAR has been a mix of bearish and bullish signals with the current trend being bullish. This is indicated by the markers staying below the price candles.

The Awesome Oscillator has shown an increase in market momentum with graph spiking in the green right now.

Conclusion:

The above-mentioned indicators all point to an extended bull run with the market seeing green at the finish line. The market momentum is also a sign of positive development with the trades increase in frequency.