TRON (TRX) Price Analysis: Holding Above Moving Average Lines
The price of TRON (TRX) has remained above the moving average lines but below the $0.1150 resistance level. Buyers have struggled to maintain positive momentum above this level since January 13, 2024. The altcoin has retraced above the moving average lines and pushed the bulls back from the barrier level twice.
If the bulls can break the barrier at $0.1150, TRON’s market will rally to a high of $0.14. However, if the upper resistance is not broken, the sideways trend will likely continue. The current value of TRON is $0.112.
TRON Indicator Reading
TRON is currently in an uptrend, with price bars consistently above the moving average lines since January 13. The moving average lines show a continuous upward slope, indicating an uptrend. However, the price action has been limited by consolidation and many doji candlesticks.
Technical Indicators
Key supply zones for TRON include $0.09, $0.10, and $0.11, while key demand zones are at $0.06, $0.05, and $0.04.
What’s Next for TRON?
TRON is currently in a sideways trend but remains above the moving average lines. Despite testing resistance twice in the past two weeks, the bulls have failed to sustain their bullish momentum. Additionally, the presence of doji candlesticks has limited price movement.
In a recent report on January 24, 2024, it was noted that TRON broke above the 21-day SMA or low at $0.107. The sideways trend is expected to continue upward if the existing support holds.
Hot Take: TRON Struggles to Break Resistance
The price of TRON (TRX) has been holding above the moving average lines but has faced resistance at the $0.1150 level. Despite attempts by buyers to break through, the altcoin remains in a sideways trend. TRON’s indicator readings show an uptrend, but consolidation and doji candlesticks have limited price movement. The next direction for TRON will depend on whether the bulls can overcome the resistance level or if the sideways trend continues. Keep an eye on TRON’s performance as it could potentially rally higher if the barrier is broken.
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