Tron [TRX/USD] Technical Analysis: Cryptocurrency continues its bearish woes as price stagnates

The cryptocurrency market’s sideways movement has been prevalent for an extended period of time, leaving many users and investors to wonder when a trend change will occur. The up-down movement has not spared even the top cryptocurrencies, including Bitcoin [BTC], XRP and Tron [TRX]. Tron, which has reveled in its continuous update announcements, also has the niTron summit as a cause for joy.

1-hour

The one-hour graph for Tron shows the cryptocurrency rising from a downturn to settle for a continuous sideways movement. The uptrend lifted the price from $0.0215 to $0.0244, while the support has been holding at$0.0213.

The MACD indicator has undergone a lull with the signal line and the MACD line moving as a conjoined pair. The MACD histogram is a sporadic mix of both bearish and bullish signals.

The Relative Strength Index has crashed to the overbought zone after staying at the overbought zone for quite some time. This indicates the reduction in buying pressure and a spike in selling pressure.

1-day

Tron’s one-day graph points to a price rise that has enabled the cryptocurrency to crawl out of the bear pit. The initial downtrend dropped the prices from $0.0243 to $0.013 while the following uptrend lifted the price to $0.0287. The long-term support has been holding at $0.0117.

The Chaikin Money Flow indicator has crashed below the zero line, which is a sign of capital coming into the ˀmarket being less than the capital leaving the market.

The Awesome Oscillator has shown a climb on the charts after becoming almost negligible. The increase in the graph is also indicative of the market momentum increasing.

Conclusion

The above-mentioned indicators all take the side of the bear with a lack of bullish movement for Tron. The graphs also strengthen the case of the sideways movement as investor sentiments do not look to change anytime soon.

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