Tron [TRX] and the cryptocurrency market were affected by a sideways movement for an extended period of time, causing the coin’s price and market cap to fall drastically. Bitcoin [BTC], Ethereum [ETH] and XRP were all victims in the bear attack, which subsequently stopped Bitcoin from breaching the $4,000-barrier.
Tron’s one-hour graph showed a steady rise in price from $0.0215 to $0.0231. The support was at $0.0215, while the resistance was at $0.0247.
The Bollinger Bands were in the midst of divergence and indicated an imminent growth in price volatility.
The Relative Strength Index crashed towards the oversold zone due to overwhelming selling pressure.
The MACD indicator moved as a conjoined pair after a bearish crossover. The MACD histogram too showed a sporadic mix of bearish and bullish signals.
The one-day graph of Tron painted a similar picture as that of the one-hour graph. The price pushed up from $0.013 to settle at $0.0233 while the support stood at $0.0118.
The Parabolic SAR was above the price candles and indicated a bearish Tron market in the long-term.
The Awesome Oscillator indicated a lull in the amplitude of market momentum and signified a reduction in Tron’s market momentum.
The Chaikin Money Flow indicator was on the zero-line due to an equilibrium between the capital coming into the market and the capital leaving the market.
All the above-mentioned indicators indicated that despite the uptrends, Tron was bearish in both the short-term and the long-term.
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