TRON Recovers, But Encounters Resistance At $0.10

Nov 23, 2023 at 13:21 // Price
Coin Idol
TRON has resumed a horizontal trajectory

TRON's rally has come to an end after peaking at $0.11. TRON (TRX) was rejected twice at the resistance level before selling pressure persisted.

TRON price long term forecast: bearish

The altcoin has fallen below the 21-day simple moving average (SMA), although it is still above the 50-day SMA. The decline has stalled above the 50-day simple moving average. If the bears break below the 50-day moving average, the market will drop to a low of $0.080. TRON will be forced to trade between the moving average lines as long as the range bound level remains intact. TRX/USD is trading at $0.097 at the time of writing.

TRON indicator reading

The moving average lines for TRON have been broken as the price bars have fallen between them. The conclusion is that the upswing has ended and the cryptocurrency has resumed a horizontal trajectory. Breaking through the moving average lines will determine whether the cryptocurrency moves up or down. The price of the altcoin has fallen below the moving average lines on the 4-hour chart.

TRXUSD_ (Daily Chart) – Nov. 22 (1).23.jpg

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

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

What is the next direction for TRON?

TRON is falling and has pulled back above the support level of $0.097. After rejecting the recent high, the altcoin is now trading between $0.096 and $0.11. TRON is currently trading above the support level of $0.096. The uptrend encounters a first resistance at the high of $0.10. This resistance will hold the moving average lines in a sideways pattern.

TRXUSD_ (4 Hour Chart) – Nov. 22 (1).23.jpg

As we reported on November 16, the price of TRON (TRX) has temporarily paused its uptrend after reaching a high of $0.11 on November 11. 

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 the research before investing in funds.

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