TRON Continues Uptrend By Reaching The High Of $0.20 Again

The price of TRON (TRX) has continued to rise, surpassing the historic milestone of $0.18 on April 12, 2021.

TRON price long term forecast: bullish

Last week, the altcoin traded above the moving average lines but below the resistance level at $0.19. 

On November 15, the bulls broke through the resistance at $0.19 and reached a high of $0.207, as Coinidol.com wrote. The altcoin is facing rejection at its recent high as it falls below the $0.20 level. If the altcoin falls below the $0.19 breakout level, TRON will return to its previous range above the moving average lines. Nonetheless, buyers are maintaining the positive trend, with the altcoin trading at $0.197 at the time of writing.

TRON indicator analysis

The moving average lines are sloping upwards with the uptrend. However, on the 4-hour chart, the moving average lines are sloping horizontally while the altcoin is moving sideways. Currently, the price bars are trapped between the moving average lines. TRON will rise if buyers keep the price above the moving average lines.

Technical Indicators

Key Resistance Zones: $0.20, $0.22, and $0.24
Key Support Zones: $0.16, $0.14, and $0.12

What is the next move for TRON?

TRON is in a sideways trend after hitting resistance at $0.20. The cryptocurrency is trading above the $0.195 support but below the $0.20 resistance level. The current recovery will start if the bulls break through the resistance at $0.20. On the other hand, the current uptrend will end if the price falls below the moving average lines.

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.