TRON (TRX) Price Analysis: Bullish Long-term Forecast
The price of TRON (TRX) has been on the rise, reaching a high of $0.14. Let’s analyze the long-term forecast for TRON’s price.
Testing Resistance at $0.14
On February 17, 2024, TRON faced selling pressure when it reached the $0.14 resistance zone. However, the altcoin resumed its uptrend after retracing above the 21-day moving average line.
Currently, the price is testing the $0.14 barrier and has been halted at this resistance level since February 20, 2024. If buyers manage to break through this resistance, the market could reach a high of $0.1488. At present, TRON is trading at $0.1386.
TRON Indicator Display
The TRON price bars are above the moving average lines and above the 21-day SMA, which acts as a support line. Each time TRON retests this support line, it bounces back and rises. However, if the support line is broken, TRON’s price may fall.
Technical Indicators:
- Key supply zones: $0.09, $0.10, $0.11
- Key demand zones: $0.06, $0.05, $0.04
Next Direction for TRON
TRON’s upward movement has been consistent, reaching a high of $0.14. On the 4-hour chart, the recent high was retested twice but rejected. Currently, TRON is trending down towards the moving average lines. The ongoing uptrend will continue if the price retraces and remains above the 21-day MA. However, if the moving average lines are broken, the current uptrend may come to an end.
Hot Take: TRON’s Bullish Momentum
With TRON’s price on the rise and testing resistance at $0.14, there is a strong bullish momentum in play. If buyers successfully break through this resistance level, TRON could reach a high of $0.1488. Keep an eye on the moving average lines as they act as crucial support for TRON’s price. Stay tuned for further updates on TRON’s price movements.
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