The Positive Momentum of TRON (TRX) Continues
The price of TRON (TRX) has shown a positive momentum by staying above the 21-day Simple Moving Average (SMA) on July 22nd. Despite hitting a high price of $0.14 twice, the cryptocurrency has maintained its upward trajectory.
The Bullish Long-term Forecast for TRON Price
Currently trading at $0.135, TRON is expected to reach $0.145 if it manages to break through the current resistance level. However, a drop below the 21-day SMA support could negate the bullish scenario, leading TRON to retest the support level at $0.125. At present, the altcoin is trading above the moving average lines.
TRON Indicator Analysis
Since June 22nd, the price of TRON has consistently been above the moving average lines, signifying a positive trend. Despite bearish attempts to break below the 21-day SMA support on July 22nd, TRON has managed to hold its ground, indicating a potential price increase.
Technical Indicators for TRON
- Key Supply Zones: $0.13, $0.14, $0.15
- Key Demand Zones: $0.10, $0.09, $0.08
What’s Next for TRON?
TRON continues to be in an uptrend, with buyers working to surpass the current resistance level at $0.14. The altcoin is consolidating above the moving average lines and is poised to resume its upward movement. The 4-hour chart indicates a sideways trend for TRON, hinting at a potential uptrend continuation.
In a previous analysis, it was noted that TRON was positioned between the moving average lines and was expected to resume its upward trajectory upon breaking above the 50-day SMA.
Hot Take: TRON Maintains Momentum
The positive momentum of TRON (TRX) remains intact as the cryptocurrency stays above the 21-day SMA. With an upward trajectory and potential for a breakout above $0.145, TRON is showing resilience in the face of market fluctuations. Keep an eye on TRON as it navigates its current resistance levels and continues its bullish trend.
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