TRON’s (TRX) uptrend was halted at the high of $0.37. The cryptocurrency was rejected twice as buyers tried to keep the price above the $0.37 level.
TRON price long-term forecast: bearish
TRON is currently trading between the moving averages. TRX will regain its bullish momentum if it breaks through the 21-day SMA , and it will return to its previous high of $0.37.
However, if the altcoin falls and breaks below the 50-day SMA support, the selling pressure will start. TRON will fall and return to the previous low of $0.30. TRON is worth $0.349 at the time of writing.
TRON price indicators analysis
The cryptocurrency’s price bars are trading within the moving average lines. This indicates a likely move within the range. Both charts show moving average lines with an upward slope, indicating an uptrend. The 21-day SMA is above the 50-day SMA, indicating an uptrend. The market is currently overbought.
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 is fluctuating between $0.34 and $0.37 after the uptrend stalled at the recent high. Buyers have tried unsuccessfully three times to overcome the recent barrier.
The price of TRON has fallen and is currently trading above the support level of $0.34. Once TRON breaks through the moving average lines, it will move in a positive direction again.
Coinidol.com reported on August 21 that TRON started a sideways trend, above the $0.34 support but below the $0.37 barrier.
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-still-struggles/