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Tron [TRX/USD] Technical Analysis: Cryptocurrency succumbs to the bear again as prices stagnate

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The cryptocurrency market’s sporadic movement has left a lot of users and investors confused as the price fluctuation continues to be controlled by the bear. Just recently, popular cryptocurrencies like Bitcoin [BTC], XRP and Tron [TRX] had enjoyed a bullish spike during which some coins also shifted ranks. Other than the market movement, Tron has also been in the news for its multiple news breaks that have decidedly left a positive impact on the community.

1-hour:

The sideways movement becomes clear when one checks Tron’s one-hour graph. The latest downtrend resulted in the price dropping from $0.0263 to $0.025. The support has been holding at $0.0245 while the resistance is at $0.0277.

The Relative Strength Index is closer to the oversold zone than it was earlier due to the continued downtrends and the change in investor sentiments. The hold near the bottom of the graph signifies the increase in selling pressure over the buying pressure.

The Awesome Oscillator has slightly increased on the graph after a lull in between. The rise in amplitude of the graph is a sign of the market momentum spiking.

1-day:

Tron’s one-day graph puts a positive spin on things as there is a clear uptrend. The uptrend lifted the price from $0.0132 to $0.0249 while the support is still at $0.018.

The Parabolic SAR is a mix of both bearish and bullish signals. Currently, the markers are above the candles, which is a bearish sign.

The Chaikin Money Flow indicator has fallen below the zero-line as the sideways movement has affected the capital influx. The hold below the zero-line shows that the capital leaving the market is more than the capital coming into the market.

Conclusion:

All the above-mentioned indicators show that the bull party is over and that the bear has taken over again. Although Tron enjoyed a good start to the year, the bear has caught up with Justin Sun’s cryptocurrency as the trend change form bearish to bullish has been very difficult.

The post Tron [TRX/USD] Technical Analysis: Cryptocurrency succumbs to the bear again as prices stagnate appeared first on AMBCrypto.