Tron [TRX/USD] Price Analysis: Bulls win battle but war rages on
Tron, the tenth largest cryptocurrency in the world was performing splendidly when compared to other altcoins, showing a price increase of 2% against the US Dollar over the past 24 hours.
The price of TRX was $0.02287 and the market cap was at $1.52 billion, at press time. The trading volume of TRX on the 24-hour timeframe was $150 million. Almost $13 million of the total trading volume for TRX came from HitBTC exchange via the trading pair TRX/USDT, while OKEx contributed $11 million via the same trading pair.
The one-hour chart of Tron showed a downtrend that extended from $0.0277 to $0.0230, while the uptrend was yet to be formed. The price was between the support at $0.02154 and resistance at $0.0242. The subsequent resistance was at $0.02544 and $0.0283.
The Parabolic SAR markers formed below the price candles and indicated a bullish pressure for TRX.
The MACD indicator showed a series of convoluted lines. However, a bullish crossover was seen at the end of the line.
The Relative Strength Indicator showed a rising line, which indicated rising momentum for TRX in the short term.
The uptrend for TRX extended from $0.0129 to $0.02245, while the downtrend ranged from $0.0498 to $0.0267. The price struck the support at $0.01190 and bounced off. The resistance at $0.0267 was tested in February, but wasn’t breached. $0.03961 was the subsequent resistance level for the prices.
The Bollinger Bands underwent a squeeze at press time, indicating reduced volatility for TRX on the daily chart.
The Chaikin Money Flow showed a sub-zero level CMF line. This indicated that the outflow of money for TRX was higher than the money inflow.
The Stochastic RSI indicator showed the lines near the oversold zone, but rising post a bullish crossover.
The one-hour showed bullish momentum for Tron and was confirmed by indicators, including SAR, MACD, and RSI. However, the one-day chart showed a rather bearish view, as indicated by the CMF, Bollinger Bands, and Stochastic RSI.
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