Tron [TRX] has declined in value over the past 7 days as the charts saw it drop from 0.01398 USDT (4th of December) to the current 0.01324 USDT (11th of December), thus representing a -5% depreciation.
The cryptocurrency started out on a promising bull run in the morning hours of the 24th to hit the weeks high set at 0.01529 USDT, before engaging on a strong bearish run in the following 3 days to hit the weeks low at 0.01212 USDT. Upon hitting the weeks low, the trend line rebounded into a mild bull run which saw it settle in a relatively sideways trend taking it to the current price tag.
As the shown by the 4-hour candle chart above, the cryptocurrency has engaged on a sideways symmetrical pattern with relatively uniform highs and lows. The current price comes in as part of a short term bullish run which is in essence a trend reversal after the price hit oversold conditions at 0.01279.
Narrowing down our view to the past 24 hours to consider the short term scenario, the price has generally depreciated by -0.98% as it moved from 0.01343 USDT to 0.01280 USDT. A corresponding mild reaction has also been demonstrated by the 24 hour volume as it also declined to around 6, 082, 282 million.
A glance at the chart above shows a rather stabilizing cryptocurrency in terms of volatility as the Bollinger Bands have been exhibiting strong convergence since the 8th. Prior to that, there is marked divergence, which is consistent with a highly volatile trend line with in a general bearish direction.
Currently, the trend line is approaching the midline in a bullish direction. The current trend combined with the fairly symmetrical pattern we have seen since the 8th points to a bullish trend at least in the next few hours.
Relative Strength Index (RSI)
As shown above, the RSI trend line has largely been on the lower side vicinity of the midline (50.0000). The line touched the overbought zone once on the 7th as it hit the weeks low before reversing to the current lateral trend.
At the moment, the RSI is approaching the midline in a general bullish direction. This observation together with the Bollinger Bands and the general trend as exhibited in the past 2-3 days suggest a possible bullish trend in the next few hours.
Moving Average Convergence Divergence (MACD)
The faster and slower moving averages have been demonstrating convergence since the 2pm yesterday. Currently, the faster moving average (pink) seems to be in the wake of a bullish trend as it demonstrates mild divergence from the slower moving average.
The histograms are also consistent with the phenomenon as they are gradually widening after going through a period of marked convergence.
Prior to the current trend, the moving averages have exhibited one crossover as the strong bearish movement reversed from the weeks low, and a period of marked convergence in the sideways trend, which came as the aftermath of the weeks high.
Like the RSI, the StochRSI trend lines are approaching the midline at 50.000. This comes in after a series of highs and lows taking it through a number of overbought and oversold conditions in the past 7 days. This also points to a continuing uptrend as it agrees strongly with the rest of the indicators.
Like most cryptocurrencies across the board, Tron has witnessed a general price decline marked by brief periods of sideways trends. The current strong lateral trend which has come in as the aftermath of a strong downtrend serves a good signal towards an imminent strong bullish trend.