TRON Resumes Its Upward Trend, But Encounters A Barrier At $0.12

Apr 27, 2024 at 12:09 // Price
Author
Coin Idol

The price of TRON (TRX) has tested support twice and has risen above its low of $0.105.

Long-term forecast for the TRON price: bearish

The price of the cryptocurrency has breached the 21-day SMA and the bullish momentum extends to the 50-day SMA.

If buyers sustain the price of the cryptocurrency above the 50-day SMA, TRON will resume its uptrend. TRON will regain its previous highs of $0.14 and $0.144. However, if buyers fail to sustain the price above the 50-day SMA, TRON will fall and get trapped between the moving average lines. In the meantime, TRX/USD is trading at $0.119 at this writing.

TRON indicator reading

Following the current market rally, the price of the cryptocurrency has risen above the moving average lines but is approaching the 50-day SMA. Once the 50-day SMA is broken, the price of the cryptocurrency will continue to rise. TRON, on the other hand, will be trapped if it does not rise above the 50-day simple moving average.

Technical indicators

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

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

TRXUSD_(Daily Chart) – April 26.jpg

What's next for TRON?

TRON has regained positive momentum as buyers try to keep the price above the moving averages. Currently, the price of the cryptocurrency is stuck at the 50-day SMA. The 50-day SMA or resistance at $0.12 is the next obstacle that the altcoin needs to overcome to resume its uptrend. The 4-hour chart of TRON shows a gentle rise. The uptrend has stalled at the recent high.

TRXUSD_ (4-hour Chart) – April 26.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 their research before investing in funds.

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