The cryptocurrency market reinstated its credentials as a non- correlated asset as the virtual currencies grew despite a falling Dow and Nasdaq. Bitcoin’s rise on Thursday triggered a US stock movement that came right after record numbers were revealed in the unemployed sector.
While mainstream stocks spluttered, Bitcoin and its compatriots witnessed steady sideways movement. Altcoins such as Tron arrested its price slide as the cryptocurrency took the 16th position on the charts. Tron had a lot of work to do before it could enter the top 10 crypto club again.
At the time of writing, Tron was trading for $0.011 with a total market cap of $782.83 million. A 3 percent hike in 24-hour spectrum elevated Tron’s daily volume to $1.35 billion. The bear market’s impact was so significant on Tron that it fell below cryptocurrencies like Chainlink and Monero.
1 hour:
On the hourly spectrum, Tron was enjoying a safe sideways movement that did not lower its price. The immediate support for the cryptocurrency was at $0.0102 while the immediate resistance was lowered to $0.012.
The Parabolic SAR was above the price candles which meant that the cryptocurrency was going through a bearish phase.
The Relative Strength Index fell into the graph from the overbought zone after a tumultuous price period. This meant that the buying pressure for Tron was slightly higher than the selling pressure.
The Chaikin Money Flow indicator was above the zero line, a sign that the capital coming into the Tron market was more than the capital leaving the market.
1 day:
Tron’s performance on the daily chart was a sign that the cryptocurrency market had taken a massive hit over the past month. The cryptocurrency support mark on the daily chart was calculated at $0.0085. The current price hold for Tron was the lowest its been since July 2019.
The Relative Strength Index was climbing up slowly after crashing below the oversold zone. A price increase in the short term may be one of the reasons for this spike.
According to the Chaikin Money Flow, the community’s trust in Tron had waned because the money leaving the Tron ecosystem was more than the amount that was coming in.
The Parabolic SAR was below the markers and it may serve as a good sign for Tron for the future. A bull market may still be pending for Tron but the prices need to be elevated much more for that to happen.
Conclusion:
The above-mentioned indicators showed that Tron still had a long way to go to overturn the price correction. Some members of the community were waiting for Bitcoin to trigger another bull run as the world’s largest cryptocurrency awaited its May halving.
