TRON (TRX) Price Analysis: Bearish Trend Continues as Resistance Holds
The price of TRON (TRX) has been facing a downtrend since February 28, as it struggles to break through the $0.1440 resistance level. The cryptocurrency has now fallen below the 21-day Simple Moving Average (SMA) and is currently trading at $0.136. This article provides an analysis of TRON’s price movement and explores its future direction.
Long-term Forecast for TRON Price: Bullish
TRON has been unable to break through the $0.1440 resistance level, resulting in a downtrend that started on February 28. The cryptocurrency has fallen below the 21-day SMA and the resistance at $0.14, which has halted its previous uptrend.
- The altcoin is likely to drop to a low above the 50-day SMA or the support level at $0.125.
- If the bears manage to break below the moving average lines, selling pressure could continue, pushing TRON’s price even lower.
- TRON may reach a low of $0.12 if the downtrend persists.
TRON Indicator Reading
TRON’s price bars have broken below the 21-day moving average line but remain above the 50-day SMA. This indicates that TRON’s value will trade between these moving average lines until a clear trend is established. The altcoin will likely perform well once it breaks out of this range.
Technical Indicators
- Key supply zones: $0.09, $0.10, $0.11
- Key demand zones: $0.06, $0.05, $0.04
What is the Next Direction for TRON?
On the 4-hour chart, TRON has fallen below the moving average lines but has recently recovered from a low of $0.134. It is expected to trade within a price range of $0.134 to $0.14 in the near term. The current downtrend has eased, and TRON is now positioned between the moving average lines.
Hot Take: TRON Faces Resistance as Downtrend Persists
The price of TRON (TRX) has been unable to break through the resistance level at $0.1440, resulting in a continued downtrend since February 28. TRON has fallen below the 21-day SMA and is currently trading at $0.136.
While TRON’s price bars have broken below the 21-day moving average line, they remain above the 50-day SMA. This indicates that TRON’s value will likely trade between these moving average lines until a clear trend is established.
Looking ahead, TRON is expected to trade within a range of $0.134 to $0.14 in the near term. However, if bears manage to break below the moving average lines, selling pressure could continue and push TRON’s price lower.
Overall, it is crucial for TRON to break through the resistance level at $0.1440 in order to reverse its downtrend and resume an uptrend.
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