TRON Gains But Encounters Resistance At $0.120

Jun 24, 2024 at 11:41 // Price
Coin Idol
TRON's price bars have been rising after a week of being trapped

The price of TRON (TRX) has risen above the support level of $0.11 and has broken through the moving average lines. Price analysis by

Long-term forecast for the TRON price: bullish

The altcoin will rise to its previous high of $0.127, but will encounter initial resistance at $0.123. In previous price action. Still the upward trend was being held back by this resistance at $0.123.

If the bulls break through the first barrier, the market will reach a high of $0.127. However, the price of the cryptocurrency is approaching its initial barrier of $0.123. TRON will have to trade in a range above the moving average but below the resistance at $0.123 if it is rejected at the recent high.

TRON indicator reading

TRON's price bars have been rising after a week of being trapped between the moving average lines. The altcoin will rise when the price bars are above the moving average lines. However, the altcoin's uptrend has paused as it is experiencing a slight correction again.

Technical indicators

Important supply zones: $0.13, $0.14, $0.15

Important demand zones: $0.10, $0.09, $0.08

TRXUSD_(Daily Chart) - June 23.jpg

What is the next development for TRON?

TRON is currently in an uptrend on the 4-hour chart. The price of the cryptocurrency broke through the resistance at $0.118 and continued to rise. On the other hand, TRON is facing little resistance after reaching a high of $0.120. The uptrend will continue if the altcoin retraces above the moving average lines.

TRXUSD_(4 Hour Chart) - June 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 Readers should do their research before investing in funds.

Show comments(0 comments)