The cryptocurrency market opened today, November 9, to almost all the cryptocurrencies seeing red. Popular cryptocurrencies like Bitcoin [BTC], Ethereum [ETH] and Tron [TRX] all witnessed a price bleed after a few days of price hikes. At the time of writing, there was a systematic fall across the cryptocurrency spectrum.
The Tron one-hour graph shows the cryptocurrency forming a triangle with the uptrend and downtrend acting as the slopes. The price uptrend saw the price rise from $0.0232 to $0.0247 while the downtrend saw Tron falling from $0.0248 to $0.023. The immediate resistance was holding at $0.0248, while the support has been maintaining at $0.0215.
The Parabolic SAR points to the price dropping which is evidenced by the markers being above the candles. This trend has been persistent for more than 24-hours.
The Chaikin Money Flow indicator shows the graph right at the axis, which still puts the cryptocurrency in the bullish zone. The fall from the top of the graph also indicates the money going out of the market due to the change in investor sentiments.
The Tron one-day graph shows the coin suffering an acute downtrend which has bought the price down from $0.0571 to $0.0231. The support for the cryptocurrency has been holding at $0.0182.
The Bollinger band shows the dominant sideways movement as indicated by the strict pipe like the formation of the upper band and the lower band. Compared to the earlier breakouts, the currency Bollinger clouds have significantly reduced in size.
The Awesome Oscillator has shown a drastic reduction in the market momentum with the graph almost negligible now. The immediate green markers point to a hike in the momentum.
The above-mentioned indicators majorly point to the current sideways price movement persisting. The Chaikin Money Flow indicators, on the other hand, shows a positive change in the investor sentiments.
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Author: Akash Anand