The cryptocurrency market has been undergoing a tumultuous run with the proverbial ball in the bear’s court right now. Popular cryptocurrencies like Bitcoin [BTC], Ethereum [ETH] and Tron [TRX] are all undergoing a bullish spike right now in an overall bearish atmosphere.
The one-day Tron [TRX] chart shows an uptrend and a downtrend that has designed the price movement. The uptrend saw the prices rising from $0.0224 to $0.0248, while the downtrend saw the price falling from $0.0248 to $0.0232. The support for the cryptocurrency has been holding at $0.0215.
The Parabolic SAR has been a mixture of bearish and bullish signals with the current scenario leaning towards the bear. The slip from Tron’s price peak was marred by bearish drops indicated by the markers above the price candles.
The Relative Strength Index has been tending towards the oversold zone, indicating the selling pressure being more than the buying pressure.
The one-day graph shows an acute downtrend with the BCH price falling from $0.0499 to $0.0249. The long-term support for the cryptocurrency has been holding at $0.018.
The MACD indicator shows a flattened histogram, a sign of the lack of volatility in the market. The signal line and the MACD line have been moving as a conjoined pair indicating a sideways price movement.
The Chaikin Money Flow indicator shows the graph exactly on the axis, which is a sign of the equilibrium between the money flowing out of the market and the inflow.
The above-mentioned indicators point to a non-volatile movement of Tron prices which may contain slight price hikes and drops. The CMF, RSI and the MACD all point to a lull in a market where the bear has become dominant again.
The post Tron [TRX/USD] Technical Analysis: Cryptocurrency struggles to get out of the shadow of bear appeared first on AMBCrypto.
Author: Akash Anand