Tron [TRX] Technical Analysis: Token siding the bull for a race

Out of the top-ten cryptocurrencies on CoinMarketCap, Tron [TRX] has managed to surpass most of its peer coins with a 1.85% rise during the last 24 hours. Lately, the coin has been outperforming, after a small but steep soar in its valuation in the early hours of Tuesday. TRX has exhibited a pretty consistent upward price momentum.

At the time of writing, the ninth-largest coin, TRX held a market cap of $1.8 billion. The volume of coins traded were over $161 million priced at $0.027.

1 hour

Source: Trading View

TRX showed a major uptrend this week from a low of $0.023 appreciating to $0.027 with a minute rundown of $0.028 from $0.027. A resistance breakout can be predicted since the coin is being traded at a point very close to the immediate resistance which is marked at $0.028.  The immediate support is noted at $0.27.

Bollinger Bands depicts low price volatility for TRX, indicating a stable pattern for the coin.

The Parabolic SAR indicates the dotted line aligned below the candles, suggesting the coin’s value is in the bullish region.

The MACD indicator pictures a bearish market trend for the coin with the MACD line treading below the Signal line.

1 day

Tron [TRX] Technical Analysis: Token siding the bull for a race

Source: Trading View

The one-day time period for Tron [TRX] also showed a significant dive up from $0.013 to $0.022 and is currently trading at $0.027, very close to its immediate resistance which is marked at $0.028. An equivalent downtrend of $0.024 to $0.014 has been noted. The first immediate support is at $0.21 followed by another support at $0.018.

The Chaikin Money Flow indicator graph is treading below the zero-line, indicating an outflow of money from the market, hence, a bearish trend for the coin. However, there might be potential cross-over of the graph with the zero-line heading upwards for a bullish market in the coming days.

Klinger Oscillator also points towards a bearish pattern for the coin.

Awesome Indicator pictures the green lines, depicting the coin’s price is siding the bull.

Conclusion

Indicators including CMF, Klinger Oscillator and MACD depict the coin’s price momentum in the bear zone while AI, Parabolic SAR and Bolinger Bands notes the coin’s valuation in the bull region.

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