Bitcoin News

All the Latest Bitcoin News

Altcoins Analysis HideCryptopanic News Price Analysis Social TRON TRX TRX/USD

Tron [TRX] Price Analysis: Bulls prove their mettle as bears fail to breach vanguard

This post was originally published on this site

The market saw the bulls take charge as the bears bid a temporary goodbye to the cryptocurrency market. Tron [TRX], the tenth largest coin in the cryptocurrency market in terms of market cap, successfully managed to progress with the help of the bulls.

At press time, TRX was valued at $0.0235 with a market cap of $1.57 billion. The token noted a 24-hour trading volume of $174 million, and observed a growth of 4.01% over the day. Over the past week, the coin surged by 4.33%, and at press time, was noting a growth of 0.16%.

1-hour

Source: Trading view

Source: TradingView

The one-hour chart for the token noted a downtrend from $0.0228 to $0.0221, followed by a gradual uptrend from $0.0233 to $0.0239. The token marked resistance at $0.0239, and support at $0.0223.

Bollinger Bands pointed towards a bullish market as the moving average line was under the candlesticks. However, the bands were wide apart from each other, indicating a highly volatile market.

Awesome Oscillator indicated strong bullish momentum.

Chaikin Money Flow shot above the zero-mark and supported a bullish market.

1-day

Source: Trading view

Source: TradingView

The one-day chart for TRX marked a downtrend from $0.0182 to $0.0119, followed by an uptrend from $0.0132 to $0.0226. The token drew resistance at $0.0294, and support at $0.0215.

Parabolic SAR marked a bullish trend for the coin as the markers were aligned under the candlesticks.

MACD line was over the signal line and supported a bullish reign.

Relative Strength Index indicated that the buying and selling pressures had evened each other out.

Conclusion

According to the indicators on the one-day and one-hour chat, a bullish market was projected. However, looking at previous trends, the bears’s re-entry into the market was not unlikely.

The post Tron [TRX] Price Analysis: Bulls prove their mettle as bears fail to breach vanguard appeared first on AMBCrypto.