TRON Stalls After Strong Rise Above $0.30

TRON (TRX) price quickly rose to a high of $0.45 before pulling back.

TRON price long-term forecast: bullish

The current rise was possible when the bulls broke above the overhead resistance at $0.18. This has led to the altcoin rising to its current peak price. 

Today, TRON fell from a high of $0.45 to a low of $0.33. If the bulls hold the current support around $0.30, the altcoin will trade below the recent high and above the current level. TRON is currently worth $0.32.

TRON indicator analysis

TRON is in a vertical rally that is crossing above the horizontal moving average lines. The 21-day SMA is higher than the 50-day SMA, which is trending upwards. TRON has reached the overbought area of the market. The altcoin is falling as sellers emerge in the overbought market.

Technical Indicators

Key Resistance Zones: $0.13, $0.14, and $0.15

Key Support Zones: $0.10, $0.09, and $0.08

What is the next move for TRON?

The 4-hour chart shows TRON in a vertical rise. The upward trend came to a halt at a high of $0.45. The decline came to a halt above the $0.30 mark. The price of the cryptocurrency is trading above the $0.30 support and below the $0.45 barrier.

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.