TRON Slips But Recovers Above The $0.124 Support Level

The price of TRON (TRX) is currently moving above the moving average lines after reaching resistance at $0.128. Price analysis by Coinidol.com.

Long-term forecast for the  TRON price: bullish

Since April 19, the price of TRON has risen, making higher highs and lower lows along the way. The current rise is expected to reach its highs of $0.135 and $0.14, although the altcoin has retreated above the moving average lines.

Currently, TRON is hovering above the 21-day SMA support. The current rise will continue if it retraces above the 21-day SMA. However, if the bears break below the 21-day SMA support, the current uptrend will come to an end. The altcoin will lose value and fall to a low of $0.115 to $0.11. Currently, the altcoin is trading just above the 21-day SMA support. At the time of writing, TRON is worth $0.124.

TRON indicator reading

The altcoin is bearish, although the price bars are still above the moving average lines. The uptrend will continue if the bulls hold the 21-day SMA support. The current rise is represented by the moving average lines sloping upwards. The moving average lines form a bullish intersection when the 21-day SMA crosses above the 50-day SMA, which is a bullish sign.

Technical indicators

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

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

What is TRON's next move?

On the 4-hour chart, TRON is moving sideways below the $0.128 resistance level. The recent upswing was halted as the altcoin fell below the moving average lines. The altcoin has fallen above its breakout price of $0.124. TRON will rise if the breakout level holds. If the support at $0.124 is broken, selling pressure will increase.

Last week Coinidol.com reported that thecryptocurrency hit a first obstacle at a high of $0.124. 

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.