Tron [TRX] Technical Analysis: Token drifting into the bearish zone

All the leading top-ten digital currencies on the CoinMarketcap have been exhibiting a bearish trait since the past 24 hours. The eighth-largest cryptocurrency, Tron [TRX], after outperforming during the last part of January, has now failed to cross beyond the resistance level lately. Owing to the highly volatile crypto space, the digital coin has been forming a bearish pattern in its price momentum with a significant market drop.

At the time of writing, the market cap held by the digital asset has been recorded at $1.68 billion, with a valuation of $0.025. The trading volume registered for a period of 24 hours was $168.9 million, depreciating by 2.37%.

The pair TRX/ETH has been contributing the most at OEX, with a volume of $54.10 million in trading at the exchange. It was followed by TRX/USDT on HitBTC, with a volume $11.07 million.

1-hour

Source: Trading View

For the time period of one-hour, an increasing trend from $0.024 to $0.025 and a slump from $0.026 to $0.024 has been recorded for TRX. The immediate resistance is marked at $0.026 and the immediate support at $0.024.

On the one-hour graph, Parabolic SAR marks the coin’s pattern in the bear space, with the dotted line aligned below the candles.

The Chaikin Money Flow graph is well below the zero-line, which further depicts a bearish pattern for the coin’s future, as money flowing out of the market.

However, the Klinger Oscillator predicts a potential bullish cross-over after a prolonged bear trend.

1-day

Tron [TRX] Technical Analysis: Token drifting into the bearish zone

Source: Trading View

A major uptrend of $0.013 to $0.025 and an equally significant downtrend of $0.022 to $0.014 has been recorded on the one-day graph by TRX. The resistance is marked at $0.026 and the immediate support at $0.025.

The converging Bollinger Bands for the given period implies low volatility in TRX’s price.

The MACD indicator depicts a bearish pattern for the coin with the MACD line hovering below the signal line.

Additionally, the Awesome Oscillator also predicts the coin’s foray into the bear zone with the lines turning red.

Conclusion:

Parabolic SAR, CMF graph, MACD, and AO indicators exhibit a bearish pattern for the coin. Meanwhile, KO and low price fluctuation by BB have predicted the coin steering toward a bull zone.

Be the first to comment

Leave a Reply

Your email address will not be published.


*