Tron [TRX/USD] Technical Analysis: Prices stagnate as bear market seems to intensify

Since the great fall of all the cryptocurrencies earlier this month, the market seems to be faring well in the bear market. Cryptocurrencies such as Ethereum [ETH], Moreno [XMR], Litecoin [LTC] and Tron [TRX] have started to show signs of recovery and better immunity to the bear’s attacks.

According to CoinMarketCap, at press time, Tron was trading at $0.0131 with a market cap of $869.94. The cryptocurrency shows a trading volume of $60.54 million and has seen a rise of over 1% in the past seven days.

1-hour

In the one-hour chart, the cryptocurrency demonstrates a downtrend from $0.0152 to $0.0137. It also pictures an uptrend from $0.0122 to $0.0131. The chart shows that the coin will have to first surpass the immediate resistance, which is at $0.0133, to get to the strong resistance at 0.0147. The immediate support is set at $0.0131 and the strong support ground is at $0.0122.

The Parabolic SAR is indicating a bearish wave as the dots have aligned on top of the candlesticks, with the intention of pushing it down.

Chaikin Money Flow is currently showing a bullish trend as the line is above the zero-mark. However, the indicator is pictured on its way to the bear’s side.

Bollinger Bands are pictured parting from each other, forecasting a more volatile market.

1-day

In the one-day chart, the coin shows a downtrend from $0.0498 to $0.0247. It records another fall from $0.0226 to $0.0135. The uptrend for the cryptocurrency is from $0.0120 to $0.0132.

The chart also shows that the immediate resistance has its base at $0.0137 and the strong resistance at $0.0247. The support for the cryptocurrency is at $0.0118

MACD is showing a bullish trend as the moving average line is made a crossover only to go upwards.

Klinger Oscillator, however, has chosen to take the opposite direction as the reading line has made a bearish crossover.

RSI is showing that the buying pressure and the selling pressure for the coin are currently evened out.

Conclusion

The bull and the bear have engaged in a fight, with both of them scoring equal points. The bull won the MACD from the one-day chart and CMF from the one-hour chart match. The bear, on the other hand, won the Klinger Oscillator and Parabolic SAR.