Tron [TRX/USD] Technical Analysis: Cryptocurrency struggles to escape red zone
Tron [TRX], now the tenth-largest cryptocurrency after taking over IOHK’s Cardano [ADA] is currently running the tough miles to escape the red capes.
At press time, the token had slumped by 5.9%, trading at $0.013 with a market cap of $903.9 million. The total trading volume in the past 24 hours is observed at $70.3 million.
TRXUSD 1-hour candlesticks | Source: tradingview
In the 1-hour time frame, the TRX candlesticks are experiencing a slight downtrend that ranges from $0.016 to $0.015. Here, the uptrend is steeper than the downtrend and is extending from $0.018 to $0.013. There is no major possibility of a trend breakout at this point.
The Parabolic SAR has turned its back on a positive price prediction as the dots have switched sides to lay above the candlesticks, pushing the price down.
The Relative Vigor Index is also bearish on the case as the RVGI continues to slump after making a bearish crossover by the signal.
The Aroon indicator has denied suggesting the fate of Tron as the uptrend and the downtrend continue to move in sync on the graph.
TRXUSD 1-day candlesticks | Source: tradingview
In the longer timeline of 1-day, the price candles are witnessing a downtrend that is suspended from $0.039 to $0.024. Here, the support level is set at $0.018. Similar to the above case, there is no possibility of a trend breakout here as well.
The Bollinger Bands are showing a lower volatility in the TRX price, narrowing down the tunnel path that was being followed earlier.
The RSI crashed to the oversold zone in the last week of November. However, it managed to pick itself up but is again approaching the same road to predict a bearish presence in Tron’s quest.
The Klinger Oscillator made a bullish crossover in its last run by the signal. However, the indicator is moving below the 0-line to side with the bear. However, the stance cannot be confirmed as the reading line has not made a bearish crossover as of now.
Most of the indicators in this technical analysis have turned bearish on the Tron market with downward crossovers and slumped graphs. Furthermore, the Bollinger Bands have predicted a lowered volatility in the market, strengthening the bear’s foot in the space.
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