The cryptocurrency market has been seeing quite the rollercoaster over the past few days with several coins seeing uptrends and downtrends. Popular cryptocurrencies like Bitcoin [BTC], Ethereum [ETH] and Tron [TRX] has been trying hard to maintain its foothold in the market in its march towards mainstream adoption.
1 hour:
In the one-hour graph the initial uptrend is evident which took the Tron price from $0.0232 to $0.027.The succeeding downtrend bought the prices down from $0.0248 to $0.02302. Tron’s support has been holding at $0.0223 while the resistance is $0.0248.
The MACD indicator points to a crossover between the signal line and the MACD line, with the MACD line pointing downwards. The MACD histogram has almost flattened after the market failed to pick up.
The Chaikin Money Flow indicator has just fallen below the axis after hanging above the line for quite some time. This is an indication of the money flowing out of the market due to the change in the investor sentiments.
1 day:
The one-day Tron graph points to an acute downtrend which has brought the prices down from a lofty $0.0571 to $0.0249. The one-day resistance for Tron is holding at $0.018.
The Awesome Oscillator [AO] has witnessed a due die to the lack of market movement in the cryptoverse. The market momentum has been much lesser than what it was over the last few months.
The Relative Strength Index [RSI] shows the graph falling towards the oversold zone after holding in the middle, coinciding with the sideways price movement. The current price fall indicates that the selling pressure is more than the buying pressure.
Conclusion:
The indicators paint the picture of the ‘cryptowinter’ holding strong. The MACD, CMF,AO and the RSI all tell the story of the price moving sideways with sporadic bullish runs,