The price of TRON has been prevented from falling below the moving average lines by support at the 50-day SMA.
TRX price long-term forecast: bearish
A break below the 50-day SMA support would signal the continuation of selling pressure. However, the cryptocurrency has dropped from a high of $0.368 to a low of $0.276. According to projections, TRON price will continue its downward trend.
On September 1, a candle body retraced and approached the 38.2% Fibonacci retracement line. The upward correction suggests that TRX will fall to the 2.618 Fibonacci extension level, or a low of $0.184. At the time of writing, the altcoin is valued at $0.292.
Technical Indicators
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Key Resistance Zones: $0.40, $0.45, and $0.50 -
Key Support Zones: $0.20, $0.15, and $0.10
TRX price indicator analysis
The weekly chart shows that the price bars have fallen between the moving average lines. On the downside, if the cryptocurrency falls below its 50-day SMA support, selling pressure will resume.
On the upside, a break above the 21-day SMA would allow the cryptocurrency to resume its upward trajectory. On the 4-hour chart, the price bars are above the upward-sloping moving average lines.
What is the next move for TRON?
TRON has dropped below the moving average lines on the 4-hour chart. The cryptocurrency price is trading above the $0.29 support level but below the moving average lines. Today, the 50-day SMA barrier rejected the upward correction. TRON will continue to fall if the $0.29 support level is broken.
Disclaimer. This analysis and forecast are the personal opinions of the author. The data provided is collected by the author and is not sponsored by any company or token developer. This is 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.