TRON Rebounds but Encounters the $0.29 Barrier

The TRON price has twice broken above the moving average lines as buyers attempt to regain upward momentum.

TRX price long-term forecast: bullish

However, price movement has remained steady within the narrow range between the $0.27 support and the $0.29 resistance. The upward trend continues to face resistance at the $0.29 level. The cryptocurrency price is now moving back towards the 50-day SMA support.

On the downside, TRON will maintain its upward trend if the price retraces and stays above the 50-day support level. The altcoin will then rise and challenge the resistance at $0.29. A break above the $0.29 resistance will propel the altcoin to highs of $0.30 and $0.33. If TRON falls below the moving average lines, it will return to its previous range above $0.27. TRON is currently at $0.283.

Technical Indicators

• 
  Key Resistance Zones: $0.40, $0.45, and $0.50

• 
  
  Key Support Zones: $0.20, $0.15, and $0.10

TRX price indicators analysis

The price bars have moved back above the horizontal moving average lines. The cryptocurrency price is trading above the moving averages but remains below the $0.29 barrier. The altcoin is trading in a tight range and may experience a breakout or a decline. On the 4-hour chart, the price bars are positioned between the horizontal moving average lines.

What is the next move for TRON?

TRON’s price may return to its previous range as it continues to face rejection at the $0.29 barrier. On the 4-hour chart, the cryptocurrency price has fallen below the 21-day SMA support.

On the downside, if the bears push the price below the 50-day SMA support, bearish momentum will continue towards $0.27. If the 50-day SMA support holds, the altcoin will continue trading above $0.28.

Disclaimer. This analysis and forecast are the personal opinions of the author. The data provided is collected by the author and is not sponsored by any company or token developer. This is 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.