TRON (TRX) Price Analysis: Bearish Long-Term Forecast
The price of TRON (TRX) has dropped below the 21-day moving average line, indicating a bearish trend in the cryptocurrency market. The altcoin reached a peak of $0.091 but failed to sustain its bullish momentum and is now trading at $0.086.
Downside Risk for TRON
TRON is at risk of falling further below the $0.083 support level or the low above the 50-day line SMA. If buyers are unable to keep the price above the 21-day line SMA, TRX/USD will be forced to move within a range between the moving average lines.
TRON Indicator Display
The cryptocurrency asset is currently moving within a range as indicated by the position of the price bars between the moving average lines. However, the increasing slope of the moving average lines suggests a past upswing, and TRON is rising as it attempts to surpass the 21-day line SMA. A resumption of the uptrend will occur if the 21-day line SMA is broken.
Key supply zones for TRON are $0.07, $0.08, and $0.09, while key demand zones are $0.06, $0.05, and $0.04.
Next Direction for TRON
Despite falling below the 21-day line SMA, TRON is still trading in the bullish trend zone. The cryptocurrency remains trapped between the moving average lines, and it will only pull back above the 50-day line SMA if it is rejected at the 21-day line SMA. As long as these moving average lines remain unbroken, price fluctuations will continue for the next few days.
Last week, the value of TRON reached a new high of $0.091 but has since paused its continuous rise at this level for the past four days.
Hot Take: TRON Faces Bearish Pressure
The recent drop in TRON’s price below the 21-day moving average line suggests a bearish outlook for the cryptocurrency. Despite being in a bullish trend zone, TRON is currently stuck between the moving average lines and needs to break above the 21-day line SMA to resume its uptrend. If buyers fail to keep the price above the 21-day line SMA, TRON may face further downside risk and fall below key support levels. Traders should closely monitor the movement of TRON in the coming days to determine its next direction.
By
By
By
