The price of TRON (TRX) has continued to rise, with a series of higher highs and higher lows.
TRON price long-term forecast: bullish
On August 14, as Coinidol.com wrote, the uptrend was rejected as the price resumed its sideways movement above the 21-day SMA support and resistance at $0.37.
On the upside, TRON is on the advance to retest the $0.37 level. A break above the resistance will push the price of the altcoin above $0.40. If TRON falls below the most recent barrier, the trend will continue sideways and TRX will initially fall to a low of $0.32.
However, a break below the 21-day SMA support will halt the current rise. In the meantime, TRX is rising and approaching a high of $0.356.
Analysing the TRON indicators
The moving average lines have maintained their upward slope, indicating an uptrend. The price bars have stopped at the recent high, but the price is still trading above the 21-day SMA support. The price of the cryptocurrency bounces and rises once it retests the 21-day SMA support. A break below the 21-day SMA support level will force the altcoin to fall.
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 started a sideways trend, above the $0.34 support but below the $0.37 barrier. The price bars have moved both below and above the moving average lines.
Today, the price bars broke above the moving average lines as they approached the resistance level. If the resistance level is broken, TRON will trend upwards. Otherwise, it will continue to fluctuate.
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-recovers-but-stops/