The constant price fluctuations in the cryptocurrency market have created a sort of ‘buy-sell’ propaganda that only aims to create riches rather than an industry. This has been mainly due to the crippling bear market that started at the fag end of 2019. Tron, one of the most popular cryptocurrencies across the globe, has made news with multiple development announcements but the movement on the price scale has been quite negligible. On January 6, however, Tron, along with other cryptocurrencies saw a slight bump in prices causing several communities to sigh in relief.
1 hour:
The hourly chart showed a sizable growth in the price candles as the value of TRX shot up. The immediate support was at $0.013 while the immediate resistance was measured at $0.0143.
The Bollinger bands had diverged from each other revealing a massive bullish breakout. The effect of the hike was so strong that some of the price candles had fallen out of the upper Bollinger cloud.
The Awesome Oscillator was mostly green after a sustained sinusoidal movement. The increase in the greenish spectrum meant that the market pressure was consistently bullish.
The Relative Strength Index for Tron was mostly in the middle but after the price breakout, the graph had breached the overbought zone. The hold in the upper zone meant that the buying pressure was much higher than the selling pressure.
1 day:
On the daily chart, Tron displayed a significant change in appearance after the current bull run. The immediate support in the long term was at $0.123 but that looked far away compared to the price tear.
The Awesome Oscillator in the long term showed improvement but only on a small scale. Tron still has a long way to go before it makes a significant bullish impact on its price.
The upper Bollinger band and the lower band moved parallelly to each after the price settled. The lack of reflection of the hourly Bollinger cloud goes to show that TRX needs more sustained price growths.
The Relative Strength Index was the positive one out of the lot, with the graph climbing towards the overbought zone. This meant that the holder sentiment was improving even in the long term.
Conclusion:
The twelfth ranked cryptocurrency remains bullish in the short term but still has to prove its mettle over sustained periods of time.
