Tron [TRX/USD] Technical Analysis: Bull and bear scheduled for a brief meeting in the market
While the whole cryptocurrency market is currently enjoying the bull race by showing a slight rise in their values, Tron, the ninth-largest cryptocurrency by market cap, is seen taking part in the race. The cryptocurrency has taken the position of the biggest gainer in the past 24 hours and seven days, amongst the top-ten coins.
According to CoinMarketCap, at press time, Tron was trading at $0.0260, with a market cap of $1.73 billion. The coin has a trade volume of $276.18 billion and has surged by over 6% in the past one-day and by more than 33% in the past seven days.
In the one-day chart, the cryptocurrency demonstrates a sharp uptrend from $0.0205 to $0.0238. It also records another uptrend from $0.0240 to $0.0265. The resistance for the coin is placed at $0.0270. However, the support levels are pictured at $0.o260 and $0.0204.
Chaikin Money Flow is currently showing a bearish wave as the money is out of the market. However, the CMF line has started to take the upwards direction
Bollinger Bands is forecasting a less volatile market as the bands are seen contracting in the market.
Parabolic SAR is indicating a bearish market as the dots have aligned above the candlesticks.
In the one-day chart, the coin shows a downtrend from $0.0617 to $0.0268. The uptrend for the cryptocurrency is recorded from $o.0119 to $0.0129, and from $0.0132 to $0.0193. The immediate support for the coin is at $0.0270, and the strong resistance is at $0.0498. The coin has found its immediate support ground at $0.0186 and strong support ground at $0.0118.
RSI is indicating that the buying pressure for the cryptocurrency is more than the selling pressure.
MACD is forecasting a bullish market as the moving average line has positioned itself above the signal line after a crossover.
Klinger Oscillator is also predicting a bullish market as the reading line is well above the signal line, after the duo had a crossover.
The indicators are forecasting a short-term win for the bear. However, the bull will eventually defeat the bear and bring an end to its short rule. The indicators on the bear’s side are the Parabolic SAR and CMF from the one-hour chart and the indicators on the bull’s side are MACD and Klinger Oscillator from the one-day chart.
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