The Price of TRON (TRX) Falls Below Moving Average Line
The price of TRON (TRX) has fallen below the 21-day moving average line twice, failing to break above the $0.11 level. Currently, TRON is trading between the moving average lines. If buyers can keep the price above the 21-day SMA, the uptrend may resume. However, it is unlikely that the price will continue above its recent high. On the downside, if bears drop below the 50-day SMA, the downtrend will continue and the market will drop to $0.091.
TRON Indicator Reading
After the recent decline, the price bars are now between the moving average lines. This indicates that for a few days, the price of TRON will fluctuate within this range. The upward sloping moving average lines suggest an upward trend on the long-term chart, while on the 4-hour chart, they indicate a sideways trend.
Technical Indicators
Key supply zones for TRON are at $0.07, $0.08, and $0.09, while key demand zones are at $0.06, $0.05, and $0.04.
What’s Next for TRON?
TRON has reached the overbought zone of the market and risks a crash if bears push below the 50-day simple moving average on the daily chart. The current rise in price has come to an end due to TRON being in an overbought zone since November 10th. Last week, it was reported that TRON was trading above its support level of $0.096 and encountered resistance at $0.10.
Hot Take: TRON’s Price Faces Uncertainty Amidst Moving Averages
The price of TRON (TRX) has been struggling to break above its recent high and is currently trading between moving average lines. While an uptrend may resume if the price remains above the 21-day SMA, there is a risk of a downtrend if bears drop below the 50-day SMA. TRON’s indicator readings suggest a period of fluctuation and sideways movement in the short term. However, TRON’s overbought status raises concerns about a potential crash. The next direction for TRON remains uncertain as it faces resistance at $0.10 and support at $0.096.
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