Tron [TRX] Technical Analysis: Bear feasts on the bleeding coin

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The cryptocurrency market that had seen major gains in the last week of 2018, has fallen prey to the bear’s chase and is bleeding. Tron [TRX], the only coin that has previously resisted the bear is also wounded in the bear’s attack. It had noted growth of over 20% in the past day but this changed as the bear struck. It took down the eighth largest coin by more than 10% in an hour. However, at the time of press, the coin seems to be recovering.

According to CoinMarketCap, the coin was valued at $0.0296 with a market cap of $1.9 billion. The coin registered a 24-hour trade volume of $696 million and notes a fall by 4.09% over the past hour. The coin reflects the growth of 9.20% over the past 24 hours, with over a week’s growth recorded to be 48.14%.

1-hour

Source: Trading View

The one hour chart of the coin reflects a massive growth from $0.0209 to $0.0328, after which the coin fell to $0.0299. The coin started a recovery immediately. The coin has marked resistance at $0.0328 while support seems strong at $0.0287.

Parabolic SAR indicates a bearish market as the markers aligned themselves above the candles.

Awesome Oscillator too points towards a bearish market losing momentum.

Chaikin Money Flow indicates a bearish market as the marker is under zero.

1-day 

Source: Trading View

As per the one day chart of the coin, a downtrend was noted from $0.0186 to $0.0119, after which it started to hike from $0.0158 to $0.0287. The coin has not marked a new resistance at the time of press, as it has broken its earlier resistance at $0.0287. The coin marked strong support at $0.0119.

Bollinger Bands is at a converging point but is slowly seen to diverge, increasing the volatility in the market. The moving average line is observed to

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