TRON Recovers But Hits The $0.28 Mark

TRON (TRX) rallied after breaching the $0.255 mark on May 8 and later rose to a high of $0.279.

TRX price long-term forecast: bullish 

Buyers were unable to keep the price above the high of $0.28. The altcoin fell within a week, but has since resumed a sideways movement below its previous high. The altcoin fell to a low of $0.268.

The positive momentum will continue if the altcoin retraces and stays above the breakout level of $0.255. If the current barrier is breached, TRON will continue to rise and reach a high of $0.30. In contrast, TRON will return to its area above the moving average lines if the bears break the $0.255 support. Today, TRON is trading at $0.268.

TRON indicator analysis

The moving average lines are pointing upwards, indicating an uptrend. The 21-day SMA is crossing above the 50-day SMA, signaling an uptrend. On the 4-hour chart, the price bars have shifted between the moving average lines. There are long candle wicks pointing in the direction of the $0.28 mark. This indicates significant selling pressure at the $0.28 level.

Technical Indicators 

Key Resistance Zones: $0.40, $0.45, and $0.50 

Key Support Zones: $0.20, $0.15, and $0.10

What is the next move for TRON?

TRON has resumed its sideways movement below the $0.28 level. The altcoin is trading above support at $0.26 but below resistance at $0.28.

The price of the cryptocurrency has been fluctuating between and above the 21-day SMA. Today, the price of the cryptocurrency has declined but is between the moving average lines. The decline will continue below the 50-day SMA 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.