Tron [TRX] has been one of the major cryptocurrencies that have not seen a major surge over the past few days even as several of the top ten cryptocurrencies saw red in the market. Tron’s founder and Chief Executive Officer, Justin Sun, has been at the forefront of the company’s developmental announcements that have come in the wake of the prices moving in a sideways manner.
Tron’s one-hour graph shows the prices dropping from a peak that it had achieved a few days back. The visible uptrend that led to the formation of the peak saw the prices rising from $0.0232 to $0.0247. The downtrend that followed after brought the prices down from $0.0248 to $0.0229. The cryptocurrency’s support has been holding at $0.0223 while the immediate resistance is at $0.0248.
The Bollinger bands are at the start of a divergence, which points to an immediate breakout. The Bollinger clouds have also been sporadic due to a lack of major price movements.
The Chaikin Money Flow [CMF] has bounced off the axis, which is a bullish sign. The bounce back also indicates that money has started flowing back into the market after the graph had crashed to the bottom recently.
Tron’s run over the past few months has seen the cryptocurrency’s prices falling from its peak in the summer. The cryptocurrency’s downtrend resulted in the prices falling from $0.0390 to $0.0247. Tron’s support has been holding at $0.018.
The Parabolic SAR has been predominantly bearish, with most of the markers staying above the price candles. The month of November has not been kind to the cryptocurrency with the price drops overtaking price hikes.
The Relative Strength Index [RSI] is tending towards the oversold zone. This shows that the selling pressure is more than the buying pressure. The drop also coincides with the number of buy-ins reducing.
Tron’s sustained price movement looks likely to continue, with the market still not readying for a price hike. The RSI, Parabolic SAR and the Bollinger bands all indicate that the prices will continue to move sideways, interspersed with price drops.
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