The price of TRON (TRX) has tested support twice and has risen above its low of $0.105.
Long-term forecast for the TRON price: bearish
The price of the cryptocurrency has breached the 21-day SMA and the bullish momentum extends to the 50-day SMA.
If buyers sustain the price of the cryptocurrency above the 50-day SMA, TRON will resume its uptrend. TRON will regain its previous highs of $0.14 and $0.144. However, if buyers fail to sustain the price above the 50-day SMA, TRON will fall and get trapped between the moving average lines. In the meantime, TRX/USD is trading at $0.119 at this writing.
TRON indicator reading
Following the current market rally, the price of the cryptocurrency has risen above the moving average lines but is approaching the 50-day SMA. Once the 50-day SMA is broken, the price of the cryptocurrency will continue to rise. TRON, on the other hand, will be trapped if it does not rise above the 50-day simple moving average.
Technical indicators
Key supply zones: $0.09, $0.10, $0.11
Key demand zones: $0.06, $0.05, $0.04
What’s next for TRON?
TRON has regained positive momentum as buyers try to keep the price above the moving averages. Currently, the price of the cryptocurrency is stuck at the 50-day SMA. The 50-day SMA or resistance at $0.12 is the next obstacle that the altcoin needs to overcome to resume its uptrend. The 4-hour chart of TRON shows a gentle rise. The uptrend has stalled at the recent high.
Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol.com. Readers should do their research before investing in funds.
Read the full article here
