TRON (TRX) price holds steady above moving average lines
TRON (TRX) price has been maintaining a sideways trend, holding above the moving average lines. Since November 10, 2023, the price has remained in a range between $0.10 and $0.115, with neither the bulls nor bears breaking through. However, since January 14, 2024, TRON has been on a downtrend after being rejected at the overhead resistance.
TRON price long term forecast: Range-bound movement
Today, TRON broke above the 21-day SMA or low at $0.107, signaling a potential upward continuation of the sideways trend. If the existing support holds, the altcoin could rise again to retest or break through the $0.115 resistance level. On the other hand, if the bears break the moving average lines, TRON could drop back down to $0.10. Currently, TRON is valued at $0.107.
TRON indicator reading
The price action of TRON is characterized by doji candlesticks and sliding below and above the moving average lines. This aligns with the ongoing sideways pattern and suggests limited price movement within the current range.
Key supply zones: $0.09, $0.10, $0.11
Key demand zones: $0.06, $0.05, $0.04
What’s next for TRON?
Although TRON is currently trading sideways in the middle of its range, it has found support above the 21-day SMA, indicating a potential uptrend. If the price bars continue to stay above the moving average lines, TRON could rise and retest the overhead resistance level.
Hot Take: TRON (TRX) Maintains Sideways Trend, Waiting for Breakout
TRON (TRX) has been stuck in a sideways pattern for quite some time now, with the price range holding between $0.10 and $0.115. The altcoin recently broke above the 21-day SMA, suggesting a possible upward continuation of the trend. However, the bears still have the potential to push the price back down to $0.10 if they manage to break through the moving average lines. TRON’s current indicator reading shows limited price movement within the range, characterized by doji candlesticks. Keep an eye on TRON as it navigates this sideways movement and waits for a breakout.
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