The TRON Price Outlook: A Bearish Long-term Projection
TRON (TRX) has recently seen a decline in its price, breaking below the moving average lines, marking an end to its uptrend. The altcoin reached a high of $0.128 before experiencing a downfall, invalidating the previously optimistic scenario. TRON failed to reach its previous high of $0.14 and is now in a downward trend, approaching its previous low of $0.11 with the current price at $0.113. The altcoin might attract buying pressure if it revisits the $0.10 and $0.11 lows.
The TRON Indicator Analysis
The price bars of TRON have dropped below the moving average lines, with the decline slowing down as it nears previous lows. The 4-hour chart indicates a negative trend as the moving average lines trend downwards. In contrast, the daily chart shows the moving average lines sloping horizontally, suggesting a sideways trend in the long term.
Technical Indicators
- Key supply zones: $0.13, $0.14, $0.15
- Key demand zones: $0.10, $0.09, $0.08
What Might Be TRON’s Next Move?
TRON is currently bearish on the 4-hour chart and has reached its support level of $0.113. The bears have tested this level thrice and are striving to sustain the negative trend. On April 13, TRON dropped to $0.10, but the bulls stepped in to buy the dip. Currently, TRON is consolidating above the $0.113 support.
The closing bell: A Summary of the TRON Trend
In conclusion, TRON has shifted to a bearish long-term outlook after breaking below the moving average lines. The altcoin failed to sustain its uptrend and is now in a downward trajectory, approaching its previous lows. Technical indicators also point towards a negative trend and a sideways movement in the long run. Traders and investors should closely monitor TRON’s price action and key support and resistance levels to make informed decisions.
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