The Price of TRON (TRX) Falls Below Moving Average Lines
For almost a month, TRON (TRX) has been in a sideways trend below the $0.11 threshold. However, on December 15, the bears broke below the moving average lines, causing TRON to reach a low of $0.097. Fortunately, the bulls bought the dips and the decline slowed above the $0.097 support level.
On December 18, there was significant buying at a lower price level, as indicated by a long candlestick tail. This has led TRON to regain positive momentum and approach previous highs. If the altcoin can break the moving average lines or the resistance level of $0.106, it will regain its positive momentum and reach its previous highs of $0.11.
TRON Indicator Reading
Following the breakdown on December 15, the price bars of TRON are now below the moving average lines. However, selling pressure has eased above the support level of $0.097. The moving average lines are currently horizontal due to the ongoing sideways trend. Additionally, the price bars on the 4-hour chart are forming a series of lower highs and lower lows below the moving average lines.
Technical Indicators
The key supply zones for TRON are $0.09, $0.10, and $0.11, while the key demand zones are $0.06, $0.05, and $0.04.
What Is the Next Direction for TRON?
Currently, TRON has fallen below the moving average lines on the 4-hour chart but has managed to recover from a low of $0.097. The cryptocurrency’s price is now above the 21-day SMA but below the 50-day SMA. TRON is currently trapped between the moving average lines, indicating that it is drifting sideways.
As previously reported on December 6, TRX/USD was in a sideways trend and trading in a narrow range between $0.102 and $0.104.
Hot Take: TRON’s Bearish Long-Term Forecast
Based on recent developments, TRON’s price has fallen below key moving average lines, indicating a bearish outlook for the cryptocurrency. While there have been some attempts to recover, TRON remains trapped in a sideways trend with resistance levels at $0.106 and previous highs at $0.11. It is important to monitor whether TRON can break these levels to regain positive momentum and reach higher price points. However, with the current technical indicators and price patterns, it seems that the bearish trend may continue for TRON in the long term.
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