The tenth largest cryptocurrency, Tron [TRX], has been on a downward spiral for the past few days. The coin did not see a significant rise in its prices, even after the hard fork and the Odyssey 3.5 update.
TRX was valued at $0.0223, with a market cap of $1.48 billion. It registered a 24-hour trading volume of $94 million and a gradual rise of 2.85%, over the past day. Over the past week, TRX registered a growth of 11.36%.
According to the one-hour chart, a downtrend was observed from $0.0234 to $0.0221, followed by an immediate uptrend from $0.0221 to $0.0226. Resistance was marked at $0.0229 and $0.0233, with strong support at $0.0221.
Bollinger Bands pointed towards a bearish market, as the moving average line aligned above the candlesticks. The bands were converged, indicating reduced market volatility.
Awesome Oscillator also portrayed weakened bearish momentum.
Chaikin Money Flow dipped under the zero line, indicating a bearish market.
The one-day chart for TRX noted a downtrend from $0.0183 to $0.0119, followed by an uptrend from $0.0128 to $0.0225. Resistance for the token was observed at $0.0294, and support was noted at two points. Strong support was traced at $0.0215 and $0.0186.
Parabolic SAR noted a bearish reign for the coin as the markers were aligned above the candlesticks.
MACD line was under the signal line, indicating a bearish trend.
Relative Strength Index indicated that the buying and selling pressures had evened each other out.
The indicators from the one-day and one-hour charts like Bollinger Bands, Parabolic SAR, MACD, Chaikin Money flow, and Awesome Oscillator predicted a vermilion market for the token, with no trace of the bull.
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