Tron [TRX/USD] Technical Analysis: Cryptocurrency to rise and fall due to volatility

The cryptocurrency markets are undergoing wild waves of volatility where all the coins across the board are currently painted red. Here, Tron [TRX], the tenth-largest coin, is also down by 0.5% wherein the token is trading at $0.0199, with a market cap of $1.32 billion. The total trade volume of the token in 24 hours is seen to be $98.1 million.
1-hour
XRPUSD 1-hour candlesticks | Source: tradingview
In the one-hour time frame of the Tron candlesticks, the downward trend line is stretching from $0.0239 to $0.0208 where the upward trend is ranging from $0.0189 to $0.020. A price concentration has been noticed in the TRX market as prices look tight for a trend breakout to erupt.
The Parabolic SAR is bearish on the cryptocurrency as the dots have assembled themselves above the price candles to resist a positive price movement.
The Aroon Indicator is showing a weakened green trend, giving the red trend an edge in the market. This indicates a bearish prediction by the reading line.
The Relative Vigor Index is also bearish on the cryptocurrency as the reading line made a bearish crossover by the signal. However, the RVGI has deviated to an upward approach.
1-day
XRPUSD 1-day candlesticks | Source: tradingview
In the one-day scenario, the downtrend is ranging from $0.0247 to $0.0216 and the uptrend is stretching from $0.013 to $0.02. In this case, price concentration has been spotted to some extent. However, there is no strong possibility of a trend breakout.
The Bollinger Bands are showing a high degree of volatility in the market to suggest wild fluctuations in the TRX price trend.
The RSI has judged a trend reversal due to the reading line bouncing back down after traveling in the overbought zone. The buying pressure is still high but is crashing with the decline in the buying activity.
The Chaikin Money Flow indicator is moving below the 0-mark, depicting a low buying pressure. Therefore, the indicators seems to be bearish on the cryptocurrency.
Conclusion
In the technical analysis, the indicators used in the short-term are bearish along with the ones used in the longer time frame that have predicted a trend reversal in the bear’s favor. A volatility of high magnitude will be experienced in the market as suggested by the Bollinger Bands.
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Source: AMB Crypto