The price of TRON (TRX) has tested support twice and has risen above its low of $0.105.
Long-term forecast for the TRON price: bearish
The price of the cryptocurrency has breached the 21-day SMA and the bullish momentum extends to the 50-day SMA.
If buyers sustain the price of the cryptocurrency above the 50-day SMA, TRON will resume its uptrend. TRON will regain its previous highs of $0.14 and $0.144. However, if buyers fail to sustain the price above the 50-day SMA, TRON will fall and get trapped between the moving average lines. In the meantime, TRX/USD is trading at $0.119 at this writing.
TRON indicator reading
Following the current market rally, the price of the cryptocurrency has risen above the moving average lines but is approaching the 50-day SMA. Once the 50-day SMA is broken, the price of the cryptocurrency will continue to rise. TRON, on the other hand, will be trapped if it does not rise above the 50-day simple moving average.
Technical indicators
Key supply zones: $0.09, $0.10, $0.11
Key demand zones: $0.06, $0.05, $0.04
What’s next for TRON?
TRON has regained positive momentum as buyers try to keep the price above the moving averages. Currently, the price of the cryptocurrency is stuck at the 50-day SMA. The 50-day SMA or resistance at $0.12 is the next obstacle that the altcoin needs to overcome to resume its uptrend. The 4-hour chart of TRON shows a gentle rise. The uptrend has stalled at the recent high.
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.
- SEO Powered Content & PR Distribution. Get Amplified Today.
- PlatoData.Network Vertical Generative Ai. Empower Yourself. Access Here.
- PlatoAiStream. Web3 Intelligence. Knowledge Amplified. Access Here.
- PlatoESG. Carbon, CleanTech, Energy, Environment, Solar, Waste Management. Access Here.
- PlatoHealth. Biotech and Clinical Trials Intelligence. Access Here.
- Source: https://coinidol.com/tron-encounters-barrier/
- :has
- :is
- :not
- 06
- 09
- 10
- 12
- 14
- 2024
- 26%
- 27
- 900
- a
- above
- Altcoin
- an
- analysis
- and
- approaching
- April
- ARE
- AS
- At
- author
- average
- barrier
- BE
- before
- between
- Broken
- Bullish
- but
- buy
- buyers
- by
- Chart
- COM
- continue
- cryptocurrency
- Current
- Currently
- daily
- Demand
- do
- does
- Endorsement..
- extends
- FAIL
- Fall
- following
- For
- Forecast
- funds
- gentle
- get
- hand
- High
- Highs
- However
- HTTPS
- if
- in
- Indicator
- info
- investing
- IT
- ITS
- jpg
- Keep
- lines
- Low
- Market
- meantime
- Momentum
- moving
- moving average
- moving averages
- needs
- next
- obstacle
- of
- on
- once
- Opinions
- or
- Other
- Overcome
- personal
- plato
- Plato Data Intelligence
- PlatoData
- positive
- previous
- price
- rally
- readers
- recent
- Recommendation
- regain
- research
- Resistance
- resume
- Rise
- Risen
- s
- sell
- should
- Shows
- Simple
- SMA
- supply
- support
- tested
- that
- The
- their
- this
- to
- Trading
- trapped
- Trend
- TRON
- TRON (TRX)
- TRX
- try
- Twice
- uptrend
- upward
- will
- writing
- zephyrnet
- zones