Tron [TRX/USD] Technical Analysis: Cryptocurrency stays adamant to take the bullish path despite bear attack
The past few days have been a roller coaster ride for the cryptocurrency market, with several coins witnessing a significant rise and fall in prices. Cryptocurrencies like Bitcoin Cash [BCH], XRP and Tron [TRX] have all undergone significant changes in prices with the investor sentiment leaning towards an expected surge during the current time period, a call back to 2017’s ‘crypto-boom’.
Tron [TRX]’s rise and fall are clearly seen on the cryptocurrency charts with the uptrend putting the price in the $0.0225-$0.0246 bracket while the downtrend bought Tron’s value from $0.0248 to $0.0237. The immediate resistance of the cryptocurrency has been lifted to $0.0248 and the support is holding at $0.0214.
The MACD line and the signal line have both embarked on a journey below the MACD histogram where the signal line has peaked a bit, indicating an imminent price hike.
The Relative Strength Index [RSI] has bounced back from the oversold zone, a sign of the increase in buying pressure of the cryptocurrency.
The one-day Tron chart points to the price slowly being lifted out of its sideways movement pattern, all thanks to the significant hikes that occurred over the past few days.
The long-term chart still indicates a downtrend, with the prices dropping from $0.0391 to $0.0246. The long-term support has been holding at $0.018.
The Bollinger bands indicate a sideways movement which is put into picture by the upper Bollinger band and the lower Bollinger band taking the shape of a pipe. The size of the Bollinger clouds also shows a lack of substantial breakouts in the Tron prices.
The Chaikin Money Flow [CMF] indicator has been quite active, with the graph breaching the axis. The entry into the upper quadrant of the CMF graph is a bullish sign for the cryptocurrency’s prices.
The indicators seem to indicate an imminent price hike as shown by the MACD graph, CMF, and the RSI. The indicators also show that the increase will also raise the immediate resistance of Tron.