Tron [TRX/USD] Technical Analysis: Struggling to find momentum as buying weakens

After experiencing a growth of 17% in the past 7 days, Tron [TRX]has seen a drop earlier today of almost 5%. Even at its current $0.022 price, TRX faces uncertainty regarding the next step in its market movement.

30 minute:

There is a continuous downward trend from $0.0262 – $0.0241 down to the $0.0235 – $0.0225. This is contrasted by the uptrend from $0.0225 – $0.022, which forms a channel prime for a breakout.

The Stochastic indicator has just recently recovered from its oversold position and is moving upwards, denoting the collection of momentum for the price.

The 20-period DEMA is providing a support at $0.0222.

1 hour:

The EMA is at $0.023, providing a ceiling for the coin to break in order to continue its upwards run.

The Klinger Volume Oscillator is flashing a bullish sign as seen by the MA crossing over the indicator as it was moving upwards.

There is also a descending triangle formation being formed.

4 hour:
The Awesome Oscillator is flashing red and forming the bearish twin peaks pattern as seen by the decreasing red lines on the histogram.

There is a triangle being formed between the $0.00192 – $0.0027 uptrend and the $0.025 – $0.0239 downtrend.

The 20-period Weighted Moving Average is at $0.0235, and the price needs to push past this to begin the next move upwards.

1 day:
The Accumulation Distribution indicator is confirming a slight downward trend reflected in the price movement from $0.025 – $0.023.

The Chalkin Money Flow indicator shows that the buying pressure is lesser than the selling pressure, as evidenced by the value being below zero.

The EMA is at $0.0213, providing a support for the price to fall back on in case of a bearish breakout.

There is also a pattern forming between $0.039 – $0.024 and $0.0181 – $0.021.

Conclusion:

Tron will find itself on the cusp of a breakout in the upward direction, only if the selling pressure reverses. Then, the coin may gain momentum that will push it closer to the important $0.039 level which will mark a reversal in the long-term trend.

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