TRON Oscillates And Approaches The High Of $0.118

The price of TRON (TRX) has been trading below the moving averages since May 28.

Long-term forecast for the TRON price: bearish

On June 7, the cryptocurrency recovered and crossed above the moving averages. The price of the cryptocurrency is currently fluctuating between the moving averages as it is trapped in a range. TRON is currently trading at $0.116. 

The altcoin is trading above the 21-day SMA support but below the 50-day SMA. TRON will rise to a high of $0.13 if buyers hold it above the 50-day SMA. If the altcoin loses support from the 21-day SMA, it will fall to its previous low of $0.11. 

In the meantime, TRON has been caught between the moving average lines.

TRON indicator reading

The price bar is in between the moving averages as it is trapped in a range. The altcoin is also trading in the price range of $0.114 to $0.119. When the moving average lines are broken, the altcoin will start trending.

Technical indicators

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

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

What is the next move for TRON?

TRON has remained stable, trapped between the moving average lines. The altcoin previously fell to a low of $0.109 before recovering. The rising trend was halted by the moving average lines. If the cryptocurrency breaks out of the moving average lines, it will start to trend up.

Last week Coinidol.com reported that TRX has returned to its range, indicating a sideways trend and was trading between $0.10 and the resistance of $0.122. 

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 CoinIdol.com. Readers should do their research before investing in funds.