TRON (TRX) fell below the moving average lines and reached a low of $0.259 on June 22.
TRON price long-term forecast: bearish
The bulls bought the dips and rallied above the 50-day SMA support but below the 21-day SMA barrier. The price of the cryptocurrency is trapped between the moving average lines. If the moving average lines are broken, the altcoin will start to trend down.
TRON will drop to a new low of $0.26 if the bears breach the 50-day SMA support. If the buyers push the price above the moving average lines, the altcoin will return to its original price of $0.29. TRON is currently trading at $0.272.
TRX price indicators analysis
There is a long candlestick wick after TRON fell steeply below the 21-day SMA support on June 16. The long candlestick wick indicates strong selling pressure at the $0.29 barrier. The price of the cryptocurrency is wedged between the moving average lines on both charts. This means that the altcoin will continue to move within its limited range.
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 TRX?
TRON is currently recovering after falling above support at $0.26. The recovery has been caught between the moving average lines. The altcoin has spent the last 48 hours trapped between the moving average lines on the 4-hour chart. If the retracement remains above the 21-day SMA support, TRON is likely to rally.
Otherwise, the limited trading range will continue to contain the move.
Coindol.com reported on June 17 that TRON may fall if it reaches the $0.29 resistance level.
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/trx-rises-above/