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Tron [TRX/USD] Technical Analysis: Cryptocurrency in Decline as Bear Attack Continues

Tron [TRX] You have been the victim of a rampant bear attack for some time and the effects have been evident. According to CoinMarketCap, the company led by Justin Sun is now at the tenth position on the cryptocurrency list, with multiple support breaks and position shifts.

1 hour

The hourly chart has been moving down with the bear still holding tight. Support has held at $ 0.012, while resistance is at $ 0.015. The downtrend lowered the price from $ 0.014 to $ 0.012.

the Awesome Oscillator shows an increase in market momentum after a slight drop.

the Relative Strength Index The gauge is crashing in the oversold zone, which is a sign that the pressure is higher than the buying pressure.

the Chaikin money flow The indicator has just gone back up to the bearish realm. This shows that the money entering the market is more than the outflow.

1 day

The one-day chart shows a clear and distinct downtrend. The fall caused prices to drop from a maximum that was maintained a couple of months ago at $ 0.039 to its current fall of $ 0.0142. Support has remained at $ 0.0142.

the Bollinger Bands They have started to converge after a massive bearish breakout.

the Parabolic SAR They have been predominantly bearish with the markers remaining above the candles.

Conclusion

All of the indicators mentioned point to an extended bear market as the crypto-winter continues. The price drop also coincides with the rest of the cryptocurrencies that plummeted after several analysts predicted that the bear market will continue until the third quarter of 2019.


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Akash anand

Graduated in engineering, crypto head and Arsenal fan. He is fascinated by technology and all its wonders. Strictly against the pizza pie.