The price of TRON (TRX) is trading in a narrow range of $0.22 to $0.24.
TRX price long term forecast: ranging
The dominance of doji candlesticks has restricted the price movement. TRON was dumped at a high of $0.24 on April 6.
Despite breaking below the moving average lines, the downward momentum was halted at the $0.22 support. The price of the cryptocurrency has risen above the moving average lines. The altcoin is trading below the recent high but above the moving average lines. This price condition has been in place since December 2024, as reported by Coinidol.com.
TRON will resume its uptrend once it breaks above the $0.24 resistance. The price of TRON will reach its high of $0.30. The current value of TRON is $0.236.
TRX indicator analysis
The horizontal moving average lines are again above the price bars. The price bars are moving above and below the moving average lines, but the 21-day and 50-day SMAs are on a straight line.
Although the doji candlesticks have stopped the price rise, TRX is likely to rise above the moving average lines. Strong selling pressure is indicated by extended candlestick wicks pointing to recent highs.
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?
Over the past three months, TRX/USD has been trading in a range. Traders who are unsure about the direction of the market are represented by the doji candlesticks. The price of the cryptocurrency is bouncing above the moving average lines as it retests the barrier at $0.24.
Disclaimer. This analysis and forecast are the personal opinions of the author. They 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.
Source: https://coinidol.com/tron-trades-range/