TRON Stops Above $0.16 And Risks Further Declines

TRON (TRX) price has fallen between the moving average lines and faces rejection at the $0.17 high.

TRON price long term forecast: bullish

Buyers made two unsuccessful attempts to keep the price above the overhead resistance. Selling pressure has eased as the altcoin returned above the 50-day SMA support but fell below the 21-day SMA resistance. The cryptocurrency is fluctuating as it is trapped between the moving average lines. 

TRON will resume its uptrend if it breaks above the 21-day SMA barrier. TRON will fall to a low of $0.15 if it loses its 50-day SMA support. The altcoin is valued at $0.16 and is trading between the moving average lines.

TRON indicator analysis

The moving average lines are still trending upwards even though they have moved away from the recent high. The price bars are confined between the moving average lines. This causes the cryptocurrency to remain stationary between the moving average lines. According to price analysis by Coinidol.com, TRON will trend down as soon as one of the moving average lines is broken.

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?

TRON has fallen below the moving average lines on the 4-hour chart. The decline is forecast to reach a low of $0.156. TRON is currently trading just above the support level of $0.16. The selling pressure has exhausted itself to the downside above the current support level. However, should the altcoin lose its current support, it will fall to $0.156.

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.