Tron [TRX/USD] Technical Analysis: Support breaks again under the weight of the bear

The bearish market seems to have wreaked havoc on the cryptocurrency market with a lot of cryptocurrencies taking massive hits. Tron [TRX] has suffered a big hit with the cryptocurrency price breaking after the support was lowered just recently.

1-hour:

The Tron trend lines rend lines indicates a downward trend. The TRX resistance has been holding at $0.0267, while the support has been broken for it to fall to $0.023.

The Relative Strength Index [RSI] shows multiple crests and falls and at the moment has bounced from the oversold line to settle in the middle, pointing to a buying pressure-selling pressure equilibrium.

The Awesome Oscillator indicates a sinusoidal movement with the market momentum almost maintaining the same flow. The indicator shows almost an equal presence of bullish and bearish trends with the graph slightly skewed towards the bear.

1-day:

The daily trend lines show an angled downward trend, a sign of the bear’s rule. The daily support is holding at $0.018.

The Bollinger bands have almost formed a pipe-like shape, a sign of the lack of outbreaks and continued sideways price movements. At the moment the bands are converging signaling the start of a bear run.

The MACD graph indicates the signal line and the MACD line moving as a conjoined pair and dipping downwards. The movement shows a bearish trend with the histogram almost flattened towards its axis.

Conclusion:

Tron’s recent support break is an evidence of the bear’s strong grasp on the cryptocurrency market. The RSI, Awesome Oscillator, Bollinger bands and MACD graph all point at a continued downward slide.