TRON Fights Against The Initial Barrier At $0.124

May 06, 2024 at 08:32 // Price
Coin Idol

The price of TRON (TRX) has regained positive momentum after breaking above the moving average lines. TRON price analysis by

Long-term forecast for the TRON price: bullish

TRON will continue to rise and approach its previous highs. However, the first barrier to the uptrend is the high of $0.124. TRON is in a slight retracement after rejecting its previous high. The uptrend will continue if the altcoin retraces and stays above the 50-day SMA. TRON will resume its uptrend and regain the previous highs of $0.14 and $0.144. TRON is expected to enter the negative trend zone if it retraces and closes below the 50-day SMA. The altcoin will reach a low of $0.11.

TRON indicator reading

TRON has broken the moving average lines, indicating a continued upward movement of the cryptocurrency. On the 4-hour chart, the price of the cryptocurrency lies between the moving average lines, which means that the cryptocurrency will fluctuate between them.

Technical indicators

Important supply zones: $0.09, $0.10, $0.11

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

TRXUSD_(Daily Chart) –May 4.jpg

What is the next move for TRON?

TRON's uptrend started when it entered the uptrend zone. Currently, the cryptocurrency has hit a first obstacle at a high of $0.124. If the buyers break through the resistance at $0.124 to the upside, the positive trend will continue. The cryptocurrency will test its recent high of $0.14.

TRXUSD_(4-hour Chart) – May 4.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.

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