Cryptocurrency analysts of Coinidol.com report, the price of TRON (TRX) has halted its downtrend, falling from a high of $0.45 to $0.22.
TRON price long term forecast: bearish
However, the cryptocurrency is trading above the 50-day SMA but below the 21-day SMA. TRON is rising but will regain its positive momentum once it breaks above the 21-day SMA resistance. If buyers sustain the price above the 21-day SMA resistance, the altcoin will continue its uptrend. TRON will rise to its previous high of $0.45. However, if the buyers fail to sustain the price above the 21-day SMA resistance, the altcoin will continue to trade in a range between the moving average lines. In other words, TRON will trade in the price range of $0.22 to $0.28. TRON is currently worth $0.25.
TRON indicator analysis
TRON is trading in a narrow band between the 50-day SMA support and the 21-day SMA resistance. When the moving average lines are broken, the altcoin starts to trend up. The TRON price is static so far due to the doji candlesticks. The altcoin will develop a trend once it recovers and comes out of its current tightness.
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’s 4-hour chart shows a horizontal trend, with the altcoin trading between $0.22 and $0.28. Price activity has been dominated by indecisive candles with small bodies known as doji candles. The price action has been stationary as the cryptocurrency has remained restricted.
Disclaimer. This analysis and forecast are the personal opinions of the author, 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-above-0-22/