coinidol.com
TRON (TRX) has fallen back near the moving average lines. The altcoin will resume its uptrend if it holds above the moving averages.
Long-term forecast for the TRON price: bullish
The TRON price rose to $0.17 on October 31. This is the second time the altcoin has retested the $0.17 resistance zone. Since August 25, buyers have failed to sustain the bullish momentum above the recent high, as reported by Coinidol.com. If buyers break through the $0.17 barrier, TRON will rally to a high of $0.163.
Now TRON will fall below $0.15 if the negative trend breaks below the moving averages. TRON is currently trading at $0.166.
TRON indicator analysis
The altcoin is still bearish after the recent rejection as shown by the price bars remaining above the moving averages. The trend will depend on whether the retracement takes place above or below the 21-day SMA. The current uptrend will resume if the price finds support above the 21-day SMA. The selling pressure will return when the price bars fall below the moving average lines.
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 selling pressure has stopped above the support level of $0.166. This is the previous resistance level from October 25, as Coinidol.com wrote. The altcoin will resume its uptrend if the support level of $0.166 holds. The previous lows of $0.16 and $0.15 will be reached again by the downtrend once the support is broken.
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.