Long-term forecast for the TRON price: bullish
On February 1, TRON regained momentum and broke through the $0.111 support level. After a third retest, the buyers successfully broke through the resistance at $0.115. Currently trading at $0.122, the price of TRON is declining after reaching a new high of $0.12. However, if the price retraces and stays above the breakout level of $0.115, the current uptrend will continue and TRON will challenge the resistance level at $0.126. On the other hand, if the bulls fail to break the current high, TRON will fall and settle between $0.115 and $0.126.
TRON indicator reading
The current market upswing has pushed the price bars above the moving average lines, indicating that TRON will continue to rise in value. The moving average lines are consistently trending north. There are three candlesticks with long wicks at the recent high, indicating significant selling pressure at $0.125.
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 is in a steady uptrend and has pulled back above the moving average lines after encountering resistance at $0.126. The bullish momentum has started and as long as TRON stays above the 21-day SMA, the current uptrend will continue.
Hot Take: Bullish Long-term Forecast for TRON Price
The price of TRON (TRX) is currently above the moving average and has the potential to challenge the resistance level at $0.126. If the current uptrend continues, TRON may reach a high of $0.14. However, if the bulls fail to break the current high, TRON will settle between $0.115 and $0.126. The moving average lines are trending north, indicating a positive outlook for TRON. It is important to monitor the price action and key support and resistance levels to make informed trading decisions.
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