Tron [TRX] Price Analysis: Coin relives the bearish market

The cryptocurrency market has been observing some major shuffle in the standing of the coin as the bear attacks. Binance coin [BNB] made its entry in the top 10 major cryptocurrency list and is planning to stay for the long run. Tron [TRX] the only coin has seen a better side of the market but it also slowed its pace in front of the bear.

At the time of press, Tron was valued at $0.0256 with a market cap of $1.71 billion. The coin registered a 24-hour trading volume of $233 million with a dip of 4.53% over the past day. The coin was falling from the past few days as it noted a fall of 7.40% over the past week and is still falling by 0.68% over the past hour.

1-hour

Source: Trading View

As per the one hour chart of the coin, a downtrend was visible from $0.0275 to $0.0245, after which the coin started to pump. Two sharp uptrends could be observed in the chart, from $0.0246 to $0.0254 and another from, $0.0265 to $0.0285. However, after this high, a downtrend was noted from $0.0286 to $0.0265. TRX marked resistance at $0.0265 and support at $0.0257.

Bollinger Bands appear to have diverged, increasing the volatility in the market.

Awesome Oscillator indicates a bearish market gaining momentum.

Chaikin Money Flow indicates a bearish market, as the marker is above zero.

1-day

Tron [TRX] Price Analysis: Coin relives the bearish market

Source: Trading View

The one day chart of TRX points towards a downtrend from $0.0325 to $0.0216 after which it showed steady growth from $0.0132 to $0.0257. The coin marked resistance at $0.0294 and support at $0.0256.

Parabolic SAR indicates a bullish market as the markers have aligned under the candlesticks.

MACD line is under the signal line, marking a bearish market.

Relative Strength Index indicates that the buying and the selling pressures are evening each other out.

Conclusion 

According to the one hour chart and the one day chart, Bollinger Bands, Awesome Oscillator, MACD and Chaikin Money Flow predict a bearish market.

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