Long-term forecast for TRON price: range
TRON has been trading in a range between $0.097 and $0.11 since the end of the rally on November 10. The price range has narrowed and is now stable between $0.10 and $0.11. If the resistance zone is tested again, the price of the cryptocurrency will fall below the moving average lines.
At this point, the altcoin is trading at $0.1042. On the upside, the altcoin’s upward movement is shaky due to overbought conditions. The current sideways movement will end if the bears break the 21-day SMA support and maintain their negative momentum. TRON will drop to the low of $0.097 and then to the support of $0.086.
TRON indicator reading
The moving average lines have remained horizontal in reaction to the current sideways trend. After the recent decline, the price bars are now below the moving average lines. TRON could fall if the downtrend continues. The bulls, on the other hand, are actively defending the recent lows.
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?
TRON will continue to trade sideways if the bulls fail to break above the upper resistance level of $0.11. Price action is currently modest due to the doji candlesticks. The doji candlesticks have delayed the price movement both to the upside and downside. The altcoin is currently trading above the lower price range.
Hot Take: TRON Price Analysis
The price of TRON (TRX) has been consolidating within a narrow range between $0.097 and $0.11, showing a stable movement between $0.10 and $0.11. However, if the resistance level is retested, the price could drop below the moving average lines. The altcoin is currently trading at $0.1042, with its upward movement being uncertain due to overbought conditions. A break below the 21-day SMA support could lead to further decline towards $0.097 and eventually the support level of $0.086. The moving average lines have remained horizontal, indicating a sideways trend, but a continued downtrend could push the price lower. It remains to be seen whether the bulls can break above the resistance level and drive TRON’s price higher.
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