TRON's Uptrend Is Shaky Due To The Fierce Rejection At $0.11

Dec 28, 2023 at 08:47 // Price
Author
Coin Idol

The price of TRON (TRX) is moving sideways below the $0.11 resistance level. Price Analysis by Coinidol.com.

Long-term forecast for TRON price: range

TRON has been trading in a range between $0.097 and $0.11 since the end of the rally on November 10. The price range has narrowed and is now stable between $0.10 and $0.11. If the resistance zone is tested again, the price of the cryptocurrency will fall below the moving average lines.

At this point, the altcoin is trading at $0.1042. On the upside, the altcoin's upward movement is shaky due to overbought conditions. The current sideways movement will end if the bears break the 21-day SMA support and maintain their negative momentum. TRON will drop to the low of $0.097 and then to the support of $0.086.

TRON indicator reading

The moving average lines have remained horizontal in reaction to the current sideways trend. After the recent decline, the price bars are now below the moving average lines. TRON could fall if the downtrend continues. The bulls, on the other hand, are actively defending the recent lows.

Technical indicators

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

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

TRXUSD_ (Daily Chart) – Dec.27.jpg

What is the next direction for TRON?

TRON will continue to trade sideways if the bulls fail to break above the upper resistance level of $0.11. Price action is currently modest due to the doji candlesticks. The doji candlesticks have delayed the price movement both to the upside and downside. The altcoin is currently trading above the lower price range.

TRXUSD_ (4-Hour Chart) – Dec.27.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 CoinIdol.com. Readers should do the research before investing in funds.

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