TRON Returns To Its Trading Range And Hits Resistance At $0.130

The price of TRON (TRX) has fallen below the moving average lines, indicating further rejection at the moving average lines. In other words, upside moves are being rejected at the $0.130 high.

Long-term forecast for the TRON price: bearish

The altcoin is on the retreat and is approaching the current support of $0.122. If the current support holds, the cryptocurrency will trade within a limited range of $0.122 to $0.130. If the negative momentum continues and the current support is broken, the market will fall to its previous low of $0.117. 

On the upside, the altcoin will resume its positive trend if buyers keep the price above the moving average lines. TRX is now worth $0.128.

TRX indicator reading

Since August 2, the price bars have remained below the moving average lines, indicating a possible breakdown of the cryptocurrency. The price of the cryptocurrency lies between the moving average lines on the 4-hour chart.

Technical Indicators 

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

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

What is the next step for TRON?

TRON is trading in a negative trend, with rejection at the moving average lines. The altcoin is currently trading above the $0.122 support but below the moving average lines or the $0.130 high. Doji candlesticks on the 4-hour chart have restricted the price action. 

In the meantime, the altcoin will be forced to move in an area above the current support.

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.