Tron is a native coin of the tron network . On the tron network, tron serves as a utility function by enabling developers to pay for the hosting of their dapps on the tron network. One user can as well pay for a gas fee while transferring the tokens of the tron network from one tron address to another which will be initiated by the validators . Tron community members can as well stake their tron on the wallet that they control the private key so that it can be used to secure the tron network while in return, they earn staking reward for that. This makes it a decentralised cryptocurrency. On Monday the 23rd of August 2021, one tron started trading at around $0.091500. By Tuesday the same week, the price managed to go as low as $0.08366 but later slightly rises to around $0.086550 on Wednesday the same week. The price further dropped to around $0.08303 on Wednesday the same day. On Thursday the same week, the price again rises to around $0.08830 but later dropped to around $0.08228 the same day. This upwards and downwards movement is as a result of traders behaviour which can further be explained as from below;
Traders Behaviour
Crypto traders affect the way the crypto market moves. When the crypto like tron is moving in an upwards direction, that will be an indication that those crypto traders selling their previously bought crypto are more in numbers than those buying a certain amount of crypto like tron. This condition will be referred to as an oversold condition. On the other hand, when a crypto like tron is moving in a downwards direction, that will be an indication that those crypto traders buying a certain amount of tron are more in numbers than those selling their previously bought tron. This condition will be referred to as an overbought condition. Since there is possibility of the market to be bullish in the coming week, we can therefore explain tron bullish condition as from below;
1. Tron bullish analysis
In a bullish market, tron will be moving in an upwards direction. On Monday the 23rd of August, one tron started trading at around $0.091500. By Tuesday the same week, the price had managed to go as low as $0.08366 followed by another drop to around $0.08303 on Wednesday . On Thursday the same week, the price rose again to around $0.08830 but later dropped to around $0.082280 on Thursday the same week. This market movement for tron is being indicated as from the candle sticks chart below;
The above is the tron market in terms of USDT. There are two points being indicated. There is point A and point B. Before point A, the tron market can be seen to have moved as low as $0.08379 from its previous high of $0.091500. Over there, the tron market can also be seen to have fallen below 30 at 15 min RSI thus an indication of an oversold condition over there. This causes the tron market to gain support over there and moves upward to point A at around 0.08600. At point A, there are more buyers purchasing more tron in the hope that the price will continue moving upwards. Because of this, the tron market experiences an overbought condition over there and resists continuing moving upwards but instead reverses and moves downward to $0.08300. At 0.08300, some crypto traders who had previously purchased their tron are beginning to sell them in the fear that the price will further move downwards causing them to make more losses. Because of this, the tron market experiences an oversold condition over there where it gains support and moves upward to point B at around 0.08800. Over there, the tron market can be seen to have risen above 70 at 15 min RSI thus an indication of an overbought condition over there. This causes the tron market to resist to continue moving upwards but instead reverses and moves downward to around $0.08200. The tron market can be seen to have started moving upwards. If the buyers will continue exceeding sellers, there is a possibility of the market to continue moving downwards to below $0.08 but if the buyers will be fewer in numbers, then we should expect the market to continue been above 0.0800. Make sure to apply risk management and strategy well so that the tron market does not punish you whenever it goes against you