Weekends are bearish in the cryptocurrency market more often than not. But Tron’s been not feeling it this weekend. It’s gained 2.2% in the last 24 hours against the USD and 1.01% against Bitcoin. There’s nothing that good about this, but considering Justin Sun’s cryptocurrency’s recent free fall, it’s a functional recovery.
Tron remains the 12th most tremendous digital asset by market capitalization with a cap of $1.493 billion, which is not a small thing at all.
As we write this, Tron (TRX) is trading sideways. The Bollinger bands are very narrow, and trading volumes have been unexisting since about 15:40 UTC. Even after going up a bit today, the technical analyses available in many trading platforms are signaling to sell TRX.
So it’s not a great day to be trading in Tronix tokens. But let’s not go by subjective opinions. Let’s delve into the hourly and monthly technical numbers so we can understand what’s going on with Tron’s market this Sunday.
Hourly technical analysis
After good last 24 hours, the hourly technical analysis is signaling for the bears, again. Every moving average is in the red zone, and every technical indicator is in the red area as well, so if you go by those measures, it’s hopeless for now unless you’re the kind of trader who prefers short positions. Even then, the decline is so slow that you could also have losses.
The price is beneath the pivot point and only just above the first support level of $0.023734. The market could test this support level in the next few hours and what happens then will be very important for the coin’s performance in the hours and days to come. The Fibonacci scenario is pretty much the same with a slightly higher first support level at 0.025864 USD that, again, could be tested soon.
In short: as things stand now, the 60 minutes technical is for the bears. The charts support it. Tron (TRX) might be losing value in the next few hours. And in further bad news, it will go down so slowly that selling short is still unlikely to help you make a profit.
In this context, the best idea is to keep watching and stay away from the market until something changes.
Monthly technical analysis
The monthly scenario is usually a more reliable predictor of the market’s behavior. But it’s not much better. The price here is also between the pivot point and the first support level.
The difference is that the monthly moving averages are for the bulls – at the rate of seven to five. But the technical indicators are still bearish – four out of six.
The big picture for Tron in the monthly is neutral instead of bearish. But neutral isn’t helpful because it just tells you to wait and see.
Don’t despair. It is just a slow weekend, and most weekends are quiet in the cryptosphere. Tron (TRX) been performing very well in the past, and the chances are that it will resume that trend as the new week starts.
But for today, enjoy your weekend, don’t trade. Keep an eye on the markets but don’t get involved that much.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.