TRON Loses Ground And Fears A Further Decline

Mar 15, 2024 at 14:41 // Price
Coin Idol

The price of TRON (TRX) has slipped below the moving average lines but remains above the 50-day SMA or support at $0.129.

Long-term forecast for the TRON price: bearish

The cryptocurrency is currently above the 50-day SMA but below the 21-day SMA. In other words, TRON is stuck between the moving average lines. The altcoin will fall if the bears break the support of the 50-day SMA. The cryptocurrency will continue to fall and reach a low above $0.12. On the other hand, if the 50-day SMA support holds, TRON would move between the moving average lines for several days.

If the bulls break the 21-day SMA, the altcoin will regain its upside momentum. The cryptocurrency will grow and test its recent high of $0.144. TRX/USD is currently worth $0.13.

TRON indicator reading

After the recent downturn, the price bars have shifted between the moving average lines. The bears are aiming to break the 50-day SMA. Should the bears succeed, the altcoin will fall much further. On the 4-hour chart, the moving average lines are sloping downwards, indicating a downtrend.

Technical indicators 

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

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

TRXUSD_ (Daily Chart) – March 14.jpg

What is the next direction for TRON?

TRON is bearish after reaching resistance at $0.144. Since February 29, the cryptocurrency has fallen between the moving average lines. If the current support holds, the cryptocurrency will start to move in a range. The altcoin will fluctuate between $0.13 and $0.14 price levels.

TRXUSD_ (4 hour Chart) –March 14.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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