You Asked, Whatโs Next for TRON (TRX) Price?
TRON (TRX) price has recently tested support levels twice and managed to bounce back above its low of $0.105. If youโre wondering about the long-term forecast for the TRON price, it is currently looking bearish but with potential opportunities for a bullish trend in the future.
The TRON Price Outlook
The bearish trend in the TRON price has shown signs of a potential reversal. The price of the cryptocurrency has successfully breached the 21-day Simple Moving Average (SMA) and is now looking to break above the 50-day SMA, indicating a possible bullish momentum ahead.
- If buyers can maintain the price above the 50-day SMA, TRON is expected to resume its uptrend and reclaim its previous highs of $0.14 and $0.144.
- However, failure to sustain the price above the 50-day SMA may lead to a fall, causing TRON to be trapped between the moving average lines.
- Currently, TRX/USD is trading at $0.119, showing signs of potential movement in either direction.
TRON Indicator Analysis
As of the current market rally, the TRON price has surpassed the moving average lines but is now approaching the critical 50-day SMA. Breaking above the 50-day SMA is crucial for the cryptocurrency to continue its upward trajectory, otherwise, it may face consolidation within the moving average range.
Technical Indicators for TRON
- Key supply zones: $0.09, $0.10, $0.11
- Key demand zones: $0.06, $0.05, $0.04
What Lies Ahead for TRON?
TRON has seen positive momentum as buyers strive to keep the price above the moving averages. Currently, TRX is hovering around the 50-day SMA, facing resistance at $0.12. Breaking above this resistance level is crucial for TRON to resume its uptrend and overcome the recent high indicated on the 4-hour chart.
Hot Take: Stay Tuned for TRONโs Next Moves!
TRON (TRX) price is at a critical juncture, with potential for both bullish and bearish outcomes. Keep a close eye on the 50-day SMA as a key resistance level that TRX needs to surpass to continue its upward trajectory. Stay informed and ready for TRONโs next moves in the exciting world of cryptocurrency trading!
Cabel Dioli emerges as a luminary seamlessly blending the roles of crypto analyst, dedicated researcher, and editorial artisan. Within the dynamic expanse of digital currencies, Cabel’s insights resound like finely tuned notes, reaching minds with diverse inquisitiveness. His mastery in unraveling intricate threads of crypto intricacies harmonizes effortlessly with his editorial finesse, transforming complexity into a captivating symphony of comprehension.