The Price of TRON (TRX) Falls Below Moving Average Lines: Price Analysis on March 22, 2024
In this article, we will analyze the price movement of TRON (TRX) and provide a long-term forecast for its price. We will also discuss the current indicators and technical analysis to determine the next direction for TRON.
Long-term Forecast for the TRON Price: Bearish
During the recent rally, TRON reached a high of $0.144 before facing resistance and falling back. However, it has since recovered from its decline, and buyers are now aiming to push the price to the overhead barrier of $0.17.
Today, TRON experienced a dip and fell to a low of $0.11. However, bulls quickly bought the dips, causing the price to correct upwards. Currently, TRON is facing an obstacle at $0.12, but if buyers manage to break above this level and surpass the moving averages, the altcoin will resume its uptrend. At the time of writing, TRON is valued at $0.121.
TRON Indicator Reading
The TRON price bars are currently below the moving average lines, indicating a previous downtrend. However, the downtrend has slowed down, and on the 4-hour chart, the price bars are trapped between the moving average lines. This suggests that TRON may enter a rangebound trend in the near future.
Technical Indicators
- Important supply zones: $0.09, $0.10, $0.11
- Important demand zones: $0.06, $0.05, $0.04
What is the Next Direction for TRON?
Currently, TRON is still in a downtrend below the moving average lines. Although it is correcting upwards and hovering between $0.11 and $0.13, the altcoin is facing resistance at its high of $0.12. To regain positive momentum, bulls need to keep the price above the resistance level of $0.13 and the moving average lines.
Hot Take: Conclusion
In conclusion, the price of TRON (TRX) has fallen below the moving average lines, indicating a bearish long-term forecast. However, buyers are attempting to push the price higher and regain positive momentum. The current indicators suggest a possible rangebound trend for TRON in the near future.
Disclaimer: The information provided here does not constitute investment advice or financial analysis. The article is for informational purposes only.
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