Tron Encounters Tough Resistance At $0.068 And Falls Sharply

Apr 12, 2023 at 10:49 // Price
Coin Idol
Tron encounters tough resistance

The price of TRON (TRX) is sliding below the moving average lines.

TRON price long-term forecast: bearish

On March 11, buyers failed to keep the price above the $0.068 resistance and the price fell below the moving average lines. At the time of writing, TRON is trading for $0.064 per unit. Although the decline reached a low of $0.062 today, the bulls bought the dips. Current support has been stable since March 27. However, if the bears break the current support at $0.062, the altcoin will fall back to its previous lows at $0.056 and $0.058. The candlesticks, on the other hand, are showing long, sweeping tails, indicating that active buying is taking place at lower price levels.

TRON indicator display

For period 14, TRON is at level 46 of the Relative Strength Index. After a recent decline, the altcoin has now entered a bearish trend zone and may continue to decline. As the price bars are below the moving average lines, the cryptocurrency's price could fall. The daily stochastic value of 25 shows a return of bullish momentum for the cryptocurrency.

TRXUSD((Daily Chart) - April 12.23.jpg

Major supply zones: $0.07, $0.08, $0.09

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

What is the next direction for TRON?

Since March 13, TRON has been trading sideways as buyers have failed to keep the price above the $0.068 resistance level. Although the altcoin is rising, it may face resistance at the $0.065 high. Selling pressure will resume if the price is rejected at the $0.065 high. If the initial resistance is overcome, the altcoin will rise again to its previous highs.

TRXUSD(4 Hour Chart) - April 12.23.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 Coin Idol. Readers should do their own research before investing in funds.

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