The Current Status of TRON (TRX) Price Movement
The price of TRON (TRX) has recently dropped below the moving average lines, indicating a rejection at the moving average lines and a struggle to make upward moves beyond the $0.130 mark.
Analysis of TRON’s Long-Term Price Forecast
It is evident that TRON is facing a bearish trend as it retraces and nears the current support level of $0.122. The cryptocurrency might continue to trade between a limited range of $0.122 to $0.130 if the current support holds. However, if the negative momentum persists and the support is breached, TRON could plummet to its previous low of $0.117.
Assessment of TRX Indicator Readings
For TRON, the price bars have consistently remained below the moving average lines since August 2, indicating a potential breakdown for the cryptocurrency. Currently, the price is oscillating between the moving average lines on the 4-hour chart.
Evaluating Technical Indicators for TRX
- Key Supply Zones: $0.13, $0.14, $0.15
- Key Demand Zones: $0.10, $0.09, $0.08
What’s Next for TRON?
TRON is currently stuck in a negative trend, facing rejection at the moving average lines. While it is trading above the $0.122 support level, it is struggling to surpass the moving average lines or reach the $0.130 high. The presence of doji candlesticks on the 4-hour chart is limiting price action, forcing TRON to navigate within a narrow range.
Final Thoughts on TRON’s Future Movement
As TRON battles with downward pressure and resistance at key price levels, it is crucial for traders to closely monitor the performance of the cryptocurrency. Whether TRON manages to stay above the critical support level or breaks below it will determine its future trajectory in the market.
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