TRON Price Recovers Before The First Hurdle Of $0.12

The price of TRON (TRX) has fallen well below the moving average lines. Price analysis on March 22, 2024 by Coinidol.com.

Long-term forecast for the TRON price: bearish

During the last rally, the altcoin reached a high of $0.144 before being pushed back. The altcoin has recovered from its recent decline. Buyers are hoping to push the altcoin to the overhead barrier of $0.17.

Today, TRON fell to a low of $0.11 as bulls bought the dips. The altcoin is correcting upwards again, although it is hitting a first obstacle at $0.12. On the upside, TRON will resume its uptrend if buyers break above the initial barrier at $0.12 and break above the moving averages. The altcoin is valued at $0.121 at the time of writing.

TRON indicator reading

The TRON price bars are below the moving average lines, indicating an earlier downturn. The downturn has slowed down. On the 4-hour chart, the price bars are trapped between the moving average lines. This indicates a possible rangebound trend for the cryptocurrency.

Technical indicators

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

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

What is the next direction for TRON?

TRON is still in a downtrend below the moving average lines. Currently hovering between $0.11 and $0.13, the altcoin is correcting upwards but is encountering resistance at its high of $0.12. To restore positive momentum, the bulls need to keep the price above the resistance level of $0.13 and the moving average lines.

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.