The price of TRON (TRX) fell to $0.198 before rebounding on February 3. The cryptocurrency has resumed its uptrend after recovering above the $0.22 support.
TRON price long-term forecast: bearish
The altcoin is continuously rising above the current support level due to the widespread doji candlesticks. TRON is trading below the moving average lines but above the $0.22 support.Â
The altcoin will rise to the highs of $0.26 and $0.30 if it breaks above the moving average lines. If the altcoin is unable to break above the moving average lines, it will continue its movement below these lines. The current value of TRON is $0.232.Â
Technical Indicators
Key Resistance Zones: $0.40, $0.45, and $0.50
Key Support Zones: $0.20, $0.15, and $0.10
TRX price indicator analysis
The price bars have fallen below the moving average lines again since the breakout on February 2. The altcoin is fluctuating above the current support again, and the decline has stopped above the $0.19 support. Strong buying above the $0.19 support is indicated by the extended candlestick tail. Since then, the moving average lines have remained horizontal.
What is the next move for TRON?
TRON will remain range-bound for a few more days, staying below the moving average lines and above the $0.22 support.
On the 4-hour chart, the cryptocurrency price is forced to move in a range as it is trapped between the moving average lines. Resistance at $0.23 has withstood the uptrend.
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 Coin Idol. Readers should do their research before investing in funds.