TRON bounces back over $0.124 support level 📈😎

TRON (TRX) Price Analysis: Bullish Long-term Forecast

The TRON (TRX) price has been on the rise since April 19, consistently making higher highs and lower lows. Currently, the price is moving above the moving average lines, with a resistance level at $0.128. Here is a breakdown of the long-term forecast for the TRON price:

TRON Price Movement

TRON has seen a significant uptrend, with expectations to reach highs of $0.135 and $0.14.
The altcoin is currently above the 21-day Simple Moving Average (SMA) support.
If TRON retraces above the 21-day SMA, the upward trend is likely to continue.
A break below the 21-day SMA support could signal the end of the current uptrend, leading to a drop in price to $0.115 to $0.11.

TRON Indicator Reading

Despite the bearish sentiment, TRON’s price bars remain above the moving average lines. The current uptrend is supported by the upward sloping moving average lines, indicating bullish momentum. A bullish intersection is anticipated when the 21-day SMA crosses above the 50-day SMA, signaling further price gains.

Technical Indicators

Key supply zones: $0.09, $0.10, $0.11
Key demand zones: $0.06, $0.05, $0.04

What’s Next for TRON?

TRON is currently trading below the $0.128 resistance level on the 4-hour chart. The recent price action shows that TRON fell below the moving average lines but remains above the breakout price of $0.124. The next moves for TRON are as follows:

If the $0.124 support level holds, TRON is likely to continue its upward movement.
A break below $0.124 could lead to increased selling pressure and a potential downtrend.

Hot Take: TRON Price Analysis Recap

In summary, the TRON (TRX) price has shown bullish signs in the long-term forecast, with the altcoin trading above key support levels. While there is potential for further price gains, TRON’s performance will depend on its ability to maintain crucial support levels and break above resistance barriers. Keep an eye on the price action to make informed trading decisions based on technical indicators and market trends.