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The price of TRON (TRX) has risen significantly, reaching a high of $0.45 on December 2.
TRON price long term forecast: bullish
The cryptocurrency surpassed its historical price level of $0.10 on April 30, 2018. Today, the rally has been halted below the recent high. The price of the cryptocurrency was rejected at its recent high and fell above the 21-day SMA. TRON is trading above the 21-day SMA but below the resistance level at $0.45. TRON is rising as the price bars remain above the moving average lines. If the positive momentum continues, the market will reach its previous high of $0.45.
TRON indicator analysis
TRON's price bars remained above the moving average lines after the retracement. This means that the altcoin will move above the moving average lines. On the 4-hour chart, the price bars have settled between the moving average lines, indicating a potential range-bound move for the cryptocurrency.
Technical Indicators
Key Resistance Zones: $0.40, $0.45, and $0.50
Key Support Zones: $0.20, $0.15, and $0.10
What is the next step for TRON?
TRON is trapped between the moving average lines, trading above $0.25 but below $0.30. The price action has been characterised by small, indecisive candles known as doji candles. The cryptocurrency is expected to remain within its current range over the next few days.
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.