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Tron [TRX] Technical Analysis: Market appears to have been mulled by the bear

The cryptocurrency market has been seeing new highs in the holiday season, however, the lurking bear will not let it last. The tenth-largest cryptocurrency, Tron [TRX] has maintained its position. However, it is seen to be mulled by the bear. The coin has registered an overall fall of 0.12% over the past seven days.

According to CoinMarketCap, the coin was valued at $0.0207, with a market cap of $1 billion. TRX reported a 24-hour trade volume of $122 million with a growth of 6.65% over the past day. However, the price of the coin is seen to dunk, with a percentage fall of 2.27%.

1-hour

Source: Trading View

Source: Trading View

According to trading view, the coin reported an uptrend from $0.0213 to $0.0236, after which it fell from $0.0239 to $0.0212. The coin met with resistance at $0.0214, while a strong support was provided at $0.0182.

Awesome Oscillator points towards a bearish market, however, losing its momentum.

MACD line is under the orange line, indicating a bearish market, right after a crossover.

Relative Strength Index indicates that the buying and selling pressures are evening each other out.

1-day 

Source: Trading View

Source: Trading View

As per Trading View, the coin registered a massive downtrend with no significant uptrend. The downtrend extends from $0.0338 to $0.0213. The coin registered an immediate resistance at $0.0216, while strong support was seen at $0.0119.

Bollinger Bands appear to have diverged, increasing the volatility in the market. The moving average line is under the candlesticks pointing towards a bullish presence.

Parabolic SAR indicates a bullish market, with the markers being aligned under the candles.

Chaikin Money Flow is under zero, marking a bearish market with money flowing out of the market.

Conclusion

According to the indicators in the one-hour chart, Awesome Oscillator and MACD point towards a bearish market. The one-day chart’s indicators Bollinger Bands and Chaikin Money Flow predicts a bearish market, however, Parabolic SAR points towards a possibility of a Bullish trend.

The post Tron [TRX] Technical Analysis: Market appears to have been mulled by the bear appeared first on AMBCrypto.



from AMBCrypto http://bit.ly/2RsQo3O

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