Tron [TRX/USD] Technical Analysis: Cryptocurrency recovers after support break despite the bear still reigning

Tron [TRX]’s rapid push for mainstream adoption has not been able to shake off the bear with cryptocurrency prices still buckling under the bear’s pressure. The analysis shows that post the support break, the prices have not seen any drastic changes.

1-hour:

The Tron [TRX] one-hour graph shows a clear downtrend with the support maintaining at 0.0232 after the support break. The longtime resistance has been holding at $0.0262.

The Bollinger bands show both the upper and lower bands converging, a bearish sign. The clouds have taken a snake-like shape which is reflective of the sideways price movement.

The MACD shows a crossover between the signal line and the MACD line. Both the lines have gone above the histogram which occurred at the same point that the TRX prices rose. The MACD histogram has been showing a mix of both bullish and bearish signals.

1-day:

The one-day graph shows a support of $0.0182 with the trend lines pointing to an acute downtrend.

The Relative Strength Index [RSI] has been moving sideways after falling from the overbought zone.

The Chaikin Money Flow [CMF] indicator shows a drastic drop from its position above the axis for the cryptocurrency to fall in a steep manner in the bear’s zone. This bearish sign shows that

Conclusion:

The bear has clearly not let go of the market with the Bollinger bands, RSI and the CMF all pointing to this fact. Only the MACD has taken the side of the bull.

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