The price of TRON (TRX) skyrocketed on June 23, breaking above its moving average lines.
TRON price long-term forecast: bullish
The altcoin rose to a high of $0.288. Buyers are pushing the altcoin above its previous high of $0.293.
However, the upside momentum has stalled at the first hurdle of $0.29. TRON is expected to rise to a high of $0.34 if the initial barrier of $0.29 is breached. If buyers fail to break through the resistance level, the price will be forced to trade in a range above the moving average lines and below $0.29.
In the meantime, TRON is still trading below its previous high. The cryptocurrency is trading at $0.286 at the time of writing.
TRON price indicators analysis
Following the current market rally, the cryptocurrency’s price bars have returned above the moving average lines. TRON has started its uptrend. The moving average lines are pointing upwards, with the 21-day SMA above the 50-day SMA, signalling an uptrend.
On the lower timeframe, price activity is characterised by long candle tails indicating significant buying above the moving average lines.
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 its uptrend after falling to a low of $0.259. The altcoin is trading above the moving average lines but below the resistance level of $0.29. The uptrend has paused for the second time below the recent high.
On July 4, the altcoin experienced a similar rejection and fell below the 21-day SMA support, but the bulls bought the dips. In the meantime, the sideways trend could linger below $0.29 for a few more days.
Coinidol.com reported previously that the price of TRON resumed positive momentum above the moving average lines after rebounding from a low of $0.259 on June 22.
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-breaks-through/