TRON Deviates From The Target Price After Rising Above $0.097

Dec 20, 2023 at 10:50 // Price
Author
Coin Idol

The price of TRON (TRX) falls below the moving average lines. Cryptocurrency price Analysis by Coinidol.com.

Long-term forecast for the TRON price: bearish

For almost a month, the digital asset was in a sideways trend below the $0.11 threshold. On December 15, the bears broke below the moving average lines. TRON reached a low of $0.097, but the bulls bought the dips. On the downside, the decline has slowed above the $0.097 support level.

On December 18, the long candlestick tail indicates significant buying at a lower price level. TRON is regaining positive momentum and approaching previous highs. If the altcoin breaks the moving average lines or the resistance level of $0.106, it will regain its positive momentum. The altcoin's previous highs of $0.11 will be reached again.

TRON indicator reading

After the breakdown on December 15, the price bars are below the moving average lines. Selling pressure has eased above the support level of $0.097. The moving average lines are horizontal due to the sideways trend. The price bars on the 4-hour chart form a series of lower highs and lower lows below the moving average lines.

Technical indicators

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

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

TRXUSD_ (Daily Chart) – Dec.20.jpg

What is the next direction for TRON?

TRON falls below the moving average lines on the 4-hour chart. The altcoin fell to a low of $0.097 before recovering. The price of the cryptocurrency has fallen above the 21-day SMA but below the 50-day SMA. The altcoin is trapped between the moving average lines, indicating that the cryptocurrency is drifting sideways.

Coinidol.com reported on December 6, that TRX/USD was previously in a sideways trend, trading in a narrow range between $0.102 and $0.104. 

TRXUSD_ (4-Hour Chart) – Dec.20.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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