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Tron [TRX] Technical Analysis: Bear attack imminent as coin struggles to maintain top-10 position

Tron [TRX] has held its mantle on the tenth position on the CoinMarketCap list. Even though December 7 changed the trends of the major coins, TRX maintained its standing on the board. Currently, the coin appears to be nearing green pastures.

According to CoinMarketCap, the coin was valued at $0.013, with a market cap of $873 million. However, the coin plunged by 4.5%, registering a 24-hour trade volume of $101 million. The coin saw a miniscual growth of 0.7% in the past one hour.

1-hour

Source: Trading View

Source: Trading View

The one-hour chart for TRX shows a downtrend from $0.0145 to $0.0122. After which an uptrend is observed till $0.01284. The coin meets an immediate resistance at $0.0137, whereas, it has a strong support at $0.01229.

Parabolic SAR indicates a bullish market as the markers is under the candle.

Awesome Oscillator too marks a bullish market, with a reducing momentum.

Chaikin Money Flow, on the other hand, points towards a bearish market as the money is flowing outside the market.

1-day

Source: Trading view

Source: Trading view

The one-day chart of TRX marks a downtrend from $0.0390 to $0.0247, which goes further down $0.0226 to $0.0144. The coin saw a negligible uptrend from $0.0119 to $0.0138. There was an immediate resistance registered at $0.0158 and a strong support at $0.0119.

Bollinger bands appear to be converging, with the moving average line above the candlesticks, marking a bearish market.

MACD unlike the previous indicator points towards a bullish market with the MACD line over the signal line. However, there is a possibility for a crossover making the market bearish.

RSI indicates that the buying and selling pressure is evening each other out, however, the graph has stayed closer to the oversold zone.

Conclusion

The aforementioned indicators point towards a bullish market. However, according to MACD and Bollinger bands indicate that the market may turn on the bull and side by the bear.

The post Tron [TRX] Technical Analysis: Bear attack imminent as coin struggles to maintain top-10 position appeared first on AMBCrypto.



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