Tron [TRX/USD] Technical Analysis: The bear plunders Justin Sun-led cryptocurrency

The bearish market has created a vortex that has resulted in cryptocurrency prices falling with a just a few bullish spikes acting as a reprieve. Popular cryptocurrencies like Bitcoin [BTC], Ethereum [ETH] and Tron [TRX] all suffered the brunt of the bear.

1 hour:

The trend lines indicate a downward trend with the longtime support of $0.025 breaking for Tron to fall to its current support of $0.023. The resistance was holding at $0.0263.

The Bollinger bands indicate Tron in the midst of a bearish outbreak. Both the upper Bollinger band as well as the lower Bollinger bands have both diverged to reveal a massive outbreak with multiple candles falling out of the Bollinger cloud. The stability of both the bands point to the trend continuing for some more time.

The MACD histogram is majorly bearish with a few bullish crossovers in between. Both the signal line and MACD line for Tron have crossed over to reveal a bearish drop as both the graphs are tending towards the bear’s realm.

1 day:

The Tron support for the daily charts was at $0.018 with the trend line showing a massive downward.

The Relative Strength Index [RSI] graph for Tron showed the cryptocurrency falling from close to the overbought zone to the oversold zone indicating an increase in selling pressure over buying pressure.

The Awesome Oscillator clearly indicates the market momentum slowing down with the graph almost tending close to the axis. The indicator also shows that cryptocurrency has suffered both bearish falls and bullish spikes.

Conclusion:

The bear has created a stronghold in the cryptocurrency market with multiple indicators pointing to the same. The RSI, Awesome Oscillator, MACD and Bollinger bands all paint the picture of a bear market that will be continue for more time.