Tron Price Analysis: Bears overtake Tron market despite its efforts

Tron has been performing phenomenally in comparison with other cryptocurrencies and a part its performance can be attributed to its BitTorrent Token’s highly anticipayted launch and adoption.

Currently, Tron holds the eighth rank in terms of market cap and is just below the stable coin Tether [USDT]. The 24-hour trade volume of Tron is at $127 million and 13.34% of the trading volume comes from HitBTC exchange through the trade pair TRX/USDT.

1-hour

Tron Price Analysis: Bears overtake Tron market despite its efforts

Source: TradingView

There is no uptrend being formed yet as the trend is heading down, so the downtrend for Tron extends from $0.0287 to $0.0245, with prices breaching the support at $0.02544. The resistance point is at $0.0283 since the first week of February but the prices have since moved away from it.

The Parabolic SAR markers are seen forming above the price candles, indicating a bearish trend for the prices on Tron.

The MACD indicator also indicates a bearish trend as there is the formation of bearish crossover, which is below the zero-line and is headed straight downwards.

The Awesome Oscillator shows a decreasing momentum for prices as the bars formed are in red and are below the zero-line.

1-day

Tron Price Analysis: Bears overtake Tron market despite its efforts

Source: TradingView

The uptrend for Tron in the one-day extends from $0.0129 to $0.02539 while the downtrend ranges from $0.0498 to $0.00284. The support at $0.0119 has been holding the Tron prices pretty solid since late November 2018. The resistance line at $0.0267 was breached briefly for a few weeks, but the prices have dipped below it again. The subsequent resistance point at $0.0396 is holding alright.

The MACD line, in the larger time-frame, is also undergoing a bearish crossover towards the downside. The histogram accurately represents the same with red bars that have developed over the zero-line.

The Stochastic indicator has dipped below the oversold range, indicating a bearish downtrend here as well.

The Chaikin Money Flow indicates that money ]flowing into Tron is very less, indicating that the sellers are dominating the market.

Conclusion

The one-hour chart for Tron shows a bearish downtrend as indicated by SAR, MACD, and Awesome Oscillator. The one-day chart shows a bearish overall trend as indicated by MACD, Stochastic and CMF indicators.

Be the first to comment

Leave a Reply

Your email address will not be published.


*