TRON’s Rally Comes to an End
The recent rally of TRON (TRX) has come to an end after reaching a peak of $0.11. The cryptocurrency faced resistance twice before succumbing to selling pressure.
TRON Price Long Term Forecast: Bearish
The altcoin has fallen below the 21-day simple moving average (SMA), although it remains above the 50-day SMA. The decline has stalled above the 50-day SMA, but if it breaks below this level, the market will drop to $0.080. TRON will continue trading between the moving average lines as long as the range-bound level remains.
TRON Indicator Reading
The price bars of TRON have fallen between the moving average lines, indicating that the upswing has ended and the cryptocurrency is now moving horizontally. Breaking through these lines will determine whether TRON moves up or down. On the 4-hour chart, the price has fallen below the moving average lines.
Key supply zones: $0.07, $0.08, $0.09
Key demand zones: $0.06, $0.05, $0.04
What’s Next for TRON?
TRON is currently falling and has pulled back above the support level of $0.097. After rejecting its recent high, it is now trading between $0.096 and $0.11. The cryptocurrency is currently above the support level of $0.096 and faces resistance at $0.10, which will keep the moving average lines in a sideways pattern.
As reported on November 16, the price of TRON (TRX) has temporarily paused its uptrend after reaching a high of $0.11 on November 11.
Hot Take: TRON’s Rally Reaches a Dead End
TRON’s recent rally has come to a halt as it faced resistance at $0.11. The altcoin has fallen below the moving average lines, indicating a bearish trend. The next direction for TRON depends on whether it can break through these lines and regain its upward momentum. Currently, TRON is trading between support and resistance levels, with the moving average lines acting as barriers. It remains to be seen if TRON can overcome these obstacles and resume its upward trajectory.
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