coinidol.com
TRON ($TRX) is now trading in a narrow range of $0.145 to $0.16. The price movement is limited to the current range as it has retraced above the moving average lines.
The price of TRON is in a sideways trend after the end of the upward trend on August 25, as reported by Coinidol.com before. Over the past month, the cryptocurrency has traded above the support level of $0.145 but below the resistance level of $0.17. Buyers tried to hold the price above $0.17 but were rebuffed.
$TRX price long-term forecast: ranging
$TRX will fall to a low of $0.139 if the bears break the moving average lines. However, the altcoin's trend will continue if it finds support above the moving average lines.
$TRX indicator analysis
The moving average lines are sloping horizontally, indicating a sideways trend. The price bars are moving both below and above the 21-day SMA. $TRX will fall further if the price bars on the 4-hour chart fall below the moving average lines. The price movement is currently limited by doji candlesticks.
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 step for TRON?
TRON is trading sideways below the $0.158 mark. The altcoin's price range is $0.152 to $0.158. Buyers have tested the $0.158 mark three times, but have been unable to sustain the bullish momentum above this level.
On the downside, TRON is threatening to drop to a low above the $0.139 support.
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.