Analysis of TRON (TRX) Price Movement
In recent days, the price of TRON (TRX) has made two attempts to break through the resistance level of $0.14, only to be pushed back each time. Despite this, the altcoin has shown some resilience and is currently trading above the 50-day SMA support. Let’s take a closer look at the long-term prediction and technical indicators for TRX:
Long-Term Prediction for TRX Price
TRON faced rejection at the resistance level during its second attempt and has since dropped below the moving average lines. However, it has found support near the 50-day SMA, indicating a potential reversal. The price of TRX has ranged between $0.139 and $0.128, showing signs of stabilization. The next crucial support level to watch is $0.122 in case of further downward movement.
TRX Price Indicator Analysis
Despite the recent pullback, TRON has managed to find stability between the moving average lines, suggesting a period of bearish exhaustion. If the current support at the 50-day SMA holds, we may see TRX make a push towards the 21-day SMA resistance level.
Technical Indicators
- Key supply zones: $0.13, $0.14, $0.15
- Key resistance zones: $0.10, $0.09, $0.08
Future Outlook for TRON
Despite the recent downtrend, TRON is showing signs of potential recovery as it hovers between the moving average lines. If the 50-day SMA support continues to hold, we can expect TRX to test the resistance level at the 21-day SMA. A bullish trend may emerge if TRON manages to break above the 21-day SMA resistance.
TRX has maintained an upward trajectory and has stayed above the 21-day SMA, as reported earlier. Last week, TRON was trading at $0.135, indicating some stability in its price movement.
Hot Take: Conclusion for TRON Investors
As a TRON investor, it is essential to closely monitor the price movements and key support/resistance levels for TRX. While the recent rejection at the $0.14 resistance level may be discouraging, TRON’s ability to find support near the 50-day SMA is a positive sign. Keep an eye on the 21-day SMA resistance level, as a breakthrough could signal a potential uptrend for TRX.
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