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Tron [TRX/USD] Technical Analysis: Coin enjoys the bull’s presence

Tron [TRX], the tenth biggest cryptocurrency by market cap, is enjoying the bull race, while most of the cryptocurrencies have started to feel the bear’s looming presence. The coin has been in the spotlight for the past few days, with the latest reason being Binance support to the Foundation’s Project Atlas.

According to CoinMarketCap, at press time, Tron was trading at $0.0221 with a market cap of $1.47 billion. The cryptocurrency has a trading volume of $187.87 million and has surged by over 9% in the past 24 hours.

1-hour

Tron one-hour price chart | Source: Trading View

Tron one-hour price chart | Source: Trading View

In the one-hour chart, the cryptocurrency pictures a downtrend from $0.0239 to $0.0228. The coin records three major uptrends, from $0.0183 to $0.0191, from $0.0192 to $0.0204, and a final steep climb from $0.0207 to $0.0224.

The immediate resistance for the coin is at $0.0228 and the strong resistance is at $0.0239. The cryptocurrency has found its immediate support ground at $0.0204 and its strong support at $0.0182.

Bollinger Bands is showing that the bull race is going to get intense as the bands have started to make room for a volatile market.

Parabolic SAR is positioned itself to enjoy the race as well, as the dots have aligned below the candlesticks.

Chaikin Money Flow is showing its support for a green market as the money has started to flow into the market.

1-day

Tron one-day price chart | Source: Trading View

Tron one-day price chart | Source: Trading View

The one-day chart demonstrates a downtrend from $0.0390 to $0.0219. The first uptrend is recorded from $0.0119 to $0.0129 and the second one starts from $0.0133 and ends at $0.0193. The cryptocurrency shows that the immediate resistance point for the bull is at $0.0247 and the strong resistance is at $0.0270. The immediate support level for the coin is at $0.0186 and the strong support is at $0.0118.

MACD is forecasting the bull race to last longer as the moving average line has made a crossover to take the upward direction.

Klinger Oscillator is also currently showing a bullish wave. However, the reading line and the signal line are on the verge of another crossover at press time.

RSI is showing that the buying pressure and the selling pressure are evened out in the market.

Conclusion

The cryptocurrency is up and ready for a bull run and it is supported by the majority of the indicators. This includes Parabolic SAR and CMF from the one-hour chart and MACD and Klinger Oscillator from the one-day chart.

The post Tron [TRX/USD] Technical Analysis: Coin enjoys the bull’s presence appeared first on AMBCrypto.



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