The price of TRON (TRX) is making a fresh move after falling below the moving average lines recently.
TRX price long-term forecast: bullish
The market reached a high of $0.26 during the rally on April 14, as Coinidol.com wrote, but failed to recover. TRON was under selling pressure but recovered above the 21-day SMA. This suggests that the cryptocurrency will continue to rise. A retraced candlestick body tested the 61.8% Fibonacci retracement line during the rise on April 15.
The retracement indicates that TRON will rise in price. TRX is on the advance to test the next barrier, which is at $0.26.
The altcoin will rise to the 1.618 Fibonacci extension level or $0.285 if it breaks above the $0.26 hurdle. TRON is now trading within the bullish trend zone.
TRON indicator analysis
The crypto price bars are above the moving average lines after the recent rally. TRON will continue to rise if buyers maintain the bullish momentum above the moving average lines. On the 4-hour chart, the price bars are below the moving average lines, indicating a decline.
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?
TRON has made gains above the moving average lines on the daily chart. If buyers keep the price above the moving averages, the altcoin will try to rise.
On the 4-hour chart, TRON price bars are below the moving average lines. If the altcoin breaks the $0.24 support, the selling pressure is likely to continue to the $0.22 low.
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-struggles-above/