The price of TRON (TRX) is declining as buyers have failed to sustain their upside momentum above the $0.17 resistance level.
Long-term price forecast: bullish
Since the price surge onAugust 21, the cryptocurrency has been forced to trade above the moving average lines but below the $0.17 barrier. TRON is on the retreat and faces a rejection at $0.17.
On the downside, the uptrend will resume if it retraces and stays above the 21-day SMA. The altcoin will rise and test the $0.17 level. On the other hand, if the bears break the 21-day SMA, TRX will drop to a low of $0.14.
TRX indicator reading
TRON is on the retreat, but the price bars remain above the moving average lines. Once the bears drop below the 21-day SMA support, selling pressure on the altcoin will pick up again. The moving average lines are sloping north, indicating a rise.
Technical Indicators
Key Supply Zones: $0.13, $0.14, $0.15
Key Demand zones: $0.10, $0.09, $0.08
What’s the next move for TRON?
TRON’s uptrend ended at a high of $0.17. The altcoin is moving back to the moving average lines. A sideways trend could begin if the altcoin declines and stays above the moving average lines. The decline will continue until the cryptocurrency falls below the moving average lines. In the meantime, the market is in an uptrend.
Last week Tron was the fifth best-performing cryptocurrency according to the weekly cryptocurrency maker analysis by Coinidol.com.
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-uptrend-ends/