Cryptocurrency analysts of Coinidol.com report, the price of TRON (TRX) has been in a sideways trend since the price drop on December 9.
TRON price Long-term forecast: in the range
TRON was initially trapped between the moving average lines before recovering. The price bars are above the moving average lines but below the resistance level of $0.28. The price of the cryptocurrency is rising and is above the 21-day SMA support. The rising trend will encounter resistance at $0.28 and $0.30. The bullish momentum will extend to a high of $0.40 if the bulls break through these resistances. However, if the bulls fail to break the resistance at $0.30, the trend will continue above the 21-day SMA support. TRON is currently trading at $0.269.
TRON indicator analysis
The price of the cryptocurrency is above the moving averages, but is consolidating above them. TRON is trading modestly due to the appearance of doji candlesticks. The sideways trend is causing the moving average lines to drop horizontally.
Technical indicators
Key resistance zones: $0.40, $0.45, and $0.50
Key support zones: $0.20, $0.15, and $0.10
What is the next move for TRON?
On the 4-hour chart, TRON is trading in a narrow range between support at $0.245 and resistance at $0.275. Doji candlesticks have formed, so the price action is steady. As long as the price bars are above the moving averages, TRON will trend upwards. TRON is approaching resistance at $0.28.
Disclaimer. This analysis and forecast are the personal opinions of the author, 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.
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