The price of TRON (TRX) has rallied after rising above the moving average lines on April 9.
TRX price long-term forecast: bullish
The cryptocurrency dropped to a low of $0.215 as bulls bought the dips. The coin was unable to reach its peak due to the $0.26 barrier. The $0.26 barrier has prevented the cryptocurrency from rising in value for the third time.
From its recent high, TRON is on the retreat. The altcoin will continue its uptrend if it pulls back and stays above the moving average lines. TRON will move below the resistance at $0.26 but above the moving average lines.
On the other hand, TRON will fall to the low of $0.215 if the downtrend breaks below the moving average lines. At the time of writing, TRON is currently trading at $0.24.
TRX indicator analysis
The crypto price bars have risen above the moving average lines, indicating that the price will continue to rise. A bullish sign is the uptrend crossover of the horizontal moving average lines. Price bars between the moving average lines on the 4-hour chart indicate that TRON may be moving in a range.
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?
The altcoin has the potential to rise as TRON is trading in the bullish trend zone. The initial rise on the 4-hour chart is within the moving average lines after hitting the $0.26 barrier. The cryptocurrency will fluctuate between the moving average lines until the trend is determined.
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-recovers-but-struggles/