The price of TRON (TRX) is correcting upwards after a recent drop below the moving average lines. The cryptocurrency is correcting upwards above the $0.21 support.
TRON price long term forecast: bearish
However, the price indicator had predicted that TRON would fall but then reverse at the 1.272 Fibonacci extension or at $0.1832. TRON is rising as it encounters resistance from the moving average lines. A break above the moving average lines will send the altcoin higher. TRON will rise and approach its previous high of $0.30.
However, if the altcoin is rejected by the moving average lines, it will fall and be forced to trade in an area above the $0.22 support. TRON is currently $0.25.
TRON indicator analysis
The price bars are below the moving average lines, but buyers are trying to keep the price above the 21-day SMA. On the 4-hour chart, the price bars are above the moving averages.
The altcoin will move above the moving average lines. There are long candlestick wicks pointing to recent highs, indicating strong selling pressure at higher prices.
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?
On the 4-hour chart, TRON is rising and approaching the next resistance level at $0.27. The appearance of doji candlesticks has resulted in negligible price movement. The altcoin is trading above the support level of $0.21 but has broken above the 21-day SMA. A break above the 50-day SMA will signal the return of the uptrend. A rejection would signal the continuation of the sideways trend.
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-faces-0-25-barrier/