TRON price long term forecast: ranging
TRON has been unable to rise above the moving average lines since January 6. The latest price action suggests that the cryptocurrency may retest the overhead barrier at $0.11. However, the current value of TRON has fallen below the moving average lines on January 10, 2024.
The moving average lines have been acting as a resistance since December 6, hindering any uptrend for TRON. Currently valued at $0.104, TRON’s price will decline if buyers fail to sustain a positive trend above the moving average lines, potentially dropping to lows of $0.090 and $0.096.
TRON indicator reading
Following a price decline on January 5, TRON’s price bars are now below the moving average lines. If the negative momentum continues, TRON will likely continue to fall. The slight horizontal slope of the moving average lines near the overhead resistance suggests that breaking the range lines will put an end to the sideways trend.
Technical indicators
Important supply zones: $0.09, $0.10, $0.11
Important demand zones: $0.06, $0.05, $0.04
What is the next direction for TRON?
TRON is currently experiencing a sideways trend on the 4-hour chart, with its price fluctuating between $0.102 and $0.11. Since November 11, buyers have struggled to keep the price above the overhead resistance level. If the price falls below the current support level of $0.102, selling pressure is expected to increase once again.
Hot Take: TRON’s Sideways Trend Continues, but Resistance Persists
Despite attempts to break above the moving average lines, TRON’s price remains in a sideways trend. The altcoin faces resistance at $0.11, and if buyers cannot sustain a positive trend above the moving average lines, TRON may experience further decline. Technical indicators suggest important supply and demand zones for traders to consider. Moving forward, TRON’s next direction will depend on whether it can overcome the overhead resistance or succumb to selling pressure below the support level.
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