TRON’s Rally Stalls at $0.11
Cryptocurrency analysts have observed that TRON’s rally has come to a halt after the price reached the $0.11 resistance level on November 10.
TRON Price Long Term Forecast: Range-bound
For the past month, TRON has been trading below the $0.11 resistance level but above the $0.10 support level. However, on December 11, the cryptocurrency slipped between the moving average lines, resulting in another rejection. The bears are now testing the current support level of $0.10. If they drop below this level, TRON will likely fall and retest its recent low of $0.095.
TRON Indicator Reading
The price bars for TRON are currently located between the moving average lines, indicating that the coin will fluctuate within a range. Despite this sideways movement, the moving average lines are sloping upwards. On the 4-hour chart, the moving average lines are horizontal, suggesting a sideways trend.
Key Supply and Demand Zones
Key supply zones for TRON include $0.07, $0.08, and $0.09, while key demand zones include $0.06, $0.05, and $0.04.
What’s Next for TRON?
TRON is currently trading in a range between $0.10 and $0.11 per token. Since December 11, bears have been attempting to break through the existing support level. However, there is evidence of strong buying activity at lower price levels based on an extended candlestick tail at the bottom of the chart.
Last Week’s Analysis
Last week, it was reported that TRON has been trading above the $0.10 support level and between the moving average lines since November 27. The market movement has been dominated by Doji candlesticks following the November 27 price drop.
Hot Take: TRON’s Consolidation Phase Continues
TRON’s rally has paused after reaching the $0.11 resistance level, and it is currently trading in a range between $0.10 and $0.11 per token. The bears are testing the support level of $0.10, and if they break below it, TRON may experience further downward movement. However, there is evidence of strong buying activity at lower price levels, suggesting that there is still support for TRON in the market. Traders should closely monitor the price action and look for any breakout or breakdown from the current range to determine the next direction for TRON.
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