TRON Bounces Back Above $0.10 And Begins Its Upward Correction

The price of TRON (TRX) has fallen below the moving average but remains above the $0.10 support.

Long-term TRON price forecast: bearish

The decline occurred on March 19, 2024, but the bulls bought dips as the altcoin went back up. On April 13, 2024, TRON fell to a low of $0.10 as bulls bought dips again. Today, the altcoin is trading above the $0.10 support. Based on price action, TRON rose to a high of $0.144 before being pushed back. The cryptocurrency was in an upward correction with buyers aiming to push the altcoin above the overhead barrier at $0.18.

On the upside, the uptrend will resume if the current support level of $0.10 holds. TRON will rise and try to break above the moving average lines and reach the high of $0.144. The value of the altcoin stands at $0.1102.

TRON indicator reading

The selling pressure has eased, with the price bars remaining below the moving average lines. On the 4-hour chart, the price of the cryptocurrency has risen above the 21-day SMA, but the 21-day SMA is preventing further price action to the upside. However, the price action is dominated by extended candlestick tails, indicating significant buying demand at lower prices.

Technical indicators

Key supply zones: $0.09, $0.10, $0.11

Key demand zones: $0.06, $0.05, $0.04

What is the next move for TRON?

TRON has been trading above the $0.10 support level since April 13. On the 4-hour chart, the price of the cryptocurrency fluctuates between $0.108 and $0.116. The upward movement is hindered by the 21-day SMA, which is causing the price of the cryptocurrency to retest the current support. A price rise above the current support level will push the asset higher.

Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol.com. Readers should do their research before investing in funds.

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• Source: https://coinidol.com/tron-upward-correction/