TRON Remains Stuck At $152 Despite Being Range-Bound

The price of TRON (TRX) has fallen below the 21-day SMA after failing to break through the $0.17 level.

Long-term forecast for TRON price: bullish

On August 25, the uptrend was broken as the altcoin came under selling pressure at its recent high. TRON is trading above the 50-day SMA support but below the 21-day SMA resistance level. 

Since September 6, as reported by Coinidol.com, the price of the cryptocurrency has been trapped between the moving average lines. When the moving averages are broken, the altcoin will develop a trend. 

Over the past two weeks, the altcoin has remained within the moving average lines, but it has risen to retest the 21-day SMA resistance. TRON will rally to a high of $0.17 if the 21-day SMA barrier is breached. If TRON loses the 50-day SMA support, it will fall to $0.13.

TRX indicator reading

After the cryptocurrency's restriction, buyers have started to hold the price above the 21-day SMA level. If the crypto price does not break above the 21-day SMA, the rangebound trend will continue. The presence of doji candlesticks has caused the altcoin to rise steadily.

Technical Indicators 

Key Supply Zones: $0.13, $0.14, $0.15

Key Demand zones: $0.10, $0.09, $0.08

What is the next move for TRON?

TRON’s next price move will be within the limited range due to the doji candlesticks. However, a breakout above the 21-day SMA resistance is possible if the altcoin achieves a rally. Currently, the altcoin is up and approaching resistance at $152. TRON will remain range-bound for a few more days if it turns down from its recent high.

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.