TRON Consolidates Above $0.065 Support, But Risks A Decline

Mar 15, 2023 at 12:36 // Price
Coin Idol
TRON is now moving above the moving average lines

TRON (TRX) price is rallying as it breaks above the moving average lines.

TRON price long-term forecast: bullish

In the earlier price action, the cryptocurrency asset rose to the high of $0.068 but pulled back. Today, TRON is trading at $0.067 as of press time. The bullish momentum failed to overcome the resistance at $0.070. The altcoin is now moving above the moving average lines, but risks a decline below the moving average lines. On the upside, buyers have failed to break above resistance at $0.070 since February 15. If the bulls fail to break the resistance at $0.070, the altcoin will fall to the low of $0.060. On the other hand, TRON will decline and move between the $0.065 and $0.070 levels.

TRON indicator display

TRON is recovering as it reaches the bullish trend zone at the 53 level of the Relative Strength Index for the 14 period. The altcoin is able to rise in the bullish trend zone. Currently, the altcoin will rise if the price bars stay above the moving average lines. TRON is in a decline. The cryptocurrency is in a bearish momentum below the 80 mark of the daily stochastic.

TRXUSD(Daily Chart) - March 15.23.jpg

Key supply zones: $0.07, $0.08, $0.09

Key demand zones: $0.06, $0.05, $0.04

What is the next direction for TRON?

The current bullish momentum has weakened after rejecting the high at $0.068. TRON is retreating and continues to consolidate above the support at $0.065, but fluctuates below the high at $0.070. Selling pressure will return if the price drops below the current support at $0.065.

TRXUSD(4 Hour Chart) - March 15.23.jpg

Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by Coinidol. Readers should do their own research before investing in funds.

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