The cryptocurrency market has primarily been in a state of bearish shock since the last quarter of 2019 and despite multiple recoveries, the prices have not completely bounced back yet. Tron [TRX], the 12th largest cryptocurrency on the planet was one of the few assets affected badly by the bear and dwindling Tron TRX price has also caused its holders to run helter-skelter.
On the hourly spectrum, the graph for Tron was mostly flat after a stagnant couple of weeks. The immediate support was at $0.0129 while TRX was trading for $0.0131.
Bollinger bands– The upper band and the lower band were moving parallel to each other after an earlier bearish price breakout. This was signified by the size of the Bollinger cloud formed. The lack of convergence or divergence in the bands stated that the asset was heading towards more flatter price points.
Relative Strength Index– The RSI was closer to the oversold zone after fluctuating in the middle of the graph. The hold near the bottom meant that the selling pressure for TRX was much more than the buying pressure.
Chaikin Money Flow– The CMF was right above the zero line which clearly indicated that the money coming into the Tron TRX price market for various projects and applications was more than the money that was flowing out.
The daily chart presented a more brazen picture for Tron’s price movement as 2019 came to an end. The immediate support was at $0.01238 while the resistance had not broken in months.
Bollinger bands– Even in the daily spectrum the Bollinger bands were running parallel to each other. The last major price breakout had happened in the period between November and December after which Tron’s value had more or less capitulated.
Relative Strength Index– The RSI was flat and close to the oversold zone. Tron holders have placed great trust in the Justin Sun led cryptocurrency organization but the recent bear crunch seems to have tipped the scales.
Chaikin Money Flow indicator- The CMF was barely below the zero line after staying flat above it for a week. The overturn of the finance leaving the Tron market was responsible for this.