TRON (TRX) Price Analysis: Rangebound Zone
The price of TRON (TRX) has returned to its rangebound zone after reaching a high of $0.1175. Over the past three days, the altcoin has lost value and is now trading between $0.10 and $0.11. Despite reaching a high of $0.11 on November 12, 2023, TRON faced rejection. On January 14, 2024, it experienced another rejection after reaching a high of $0.1175. Currently, TRON is trading at a low of $0.1083.
If TRX/USD retraces and stays above the $0.10 support level, it will continue its downtrend. However, if the bears push it below the $0.10 support level, TRON will fall further and reach a low of $0.095.
TRON Indicator Reading
TRON has retraced above the moving average lines, indicating that it could continue to rise if it remains above these lines. The sideways trend has kept the moving average lines horizontal, and the presence of doji candlesticks has caused moderate trading in price bars.
Technical Indicators
Key supply zones for TRON are $0.09, $0.10, and $0.11, while key demand zones are $0.06, $0.05, and $0.04.
What’s Next for TRON?
On the 4-hour chart, TRX/USD has fallen below the moving average lines after an upward correction was halted by the 50-day SMA (Simple Moving Average). The price indicator predicts that TRX will fall to the 2.0 Fibonacci extension or $0.103. Currently, the market has reached a low of $0.108, and price action is characterized by doji candlesticks.
Hot Take: TRON’s Rangebound Trading
TRON (TRX) has been trading within a range between $0.10 and $0.11 recently, experiencing rejection at higher levels. The altcoin’s price has retraced above the moving average lines, indicating a potential for further upside if it remains above these lines. However, if TRX/USD falls below the $0.10 support level, the downtrend will likely continue with a target of $0.095. Technical indicators suggest key supply zones at $0.09, $0.10, and $0.11, while key demand zones are at $0.06, $0.05, and $0.04. In the short term, TRON’s price action shows a bearish bias with doji candlesticks signaling indecision.
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