Tron [TRX] has been one of the major cryptocurrencies that have not seen a significant surge over the past few days with several among the top ten cryptocurrencies seeing red in the market right now.
Tron’s Founder and Chief Executive Officer, Justin Sun, has been at the forefront of the company’s developmental announcements that have come in the wake of the prices moving in a sideways manner.
Tron’s one-hour graph shows the prices dropping from a peak that it had achieved a few days back. The visible uptrend that led to the formation of the peak saw the prices rising from $0.0232 to $0.0247.
The downtrend that followed brought the prices down from $0.0248 to $0.0229. The cryptocurrency’s support has been holding at $0.0223 while the immediate resistance is at $0.0248.
The Bollinger bands are at the start of a divergence which points to an immediate breakout. The Bollinger clouds have also been sporadic due to the lack of significant price movements.
The Chaikin Money Flow [CMF] has bounced off the axis which is a bullish sign. Tron bounceback also indicates that money has started flowing back into the market after the graph had crashed the bottom recently.
Tron’s run over the past few months has seen the cryptocurrency’s prices falling from its peak in the summer (in fact, that’s been the case of all cryptocurrencies). The cryptocurrency’s downtrend resulted in the prices falling from $0.0390 to $0.0247. Tron’s support has been holding at $0.018.
The Parabolic SAR has been predominantly bearish with most of the markers staying above the price candles. The month of November has not been kind to the cryptocurrency with the price drops overtaking price hikes.
The Relative Strength Index [RSI] is tending towards the oversold zone. It shows that currently, the selling pressure is more than the buying pressure. The drop also coincides with the number of buy-ins reducing.
Tron’s sustained price movement looks likely to continue with the market still not being ready for a price hike trend change. The RSI, Parabolic SAR and the Bollinger bands all indicate that the prices will continue to move sideways, interspersed with price drops.
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