TRON Holds Above $0.113 As Bulls Try To Stop The Decline

May 27, 2024 at 08:45 // Price
Author
Coin Idol

The uptrend of TRON (TRX) ends as the price of the cryptocurrency falls below the moving average lines.

Long-term forecast for the TRON price: bearish

In recent price activity, the altcoin reached a high of $0.128 before falling. On the upside, the bullish scenario has become invalid. TRON has not managed to reach its previous high of $0.14.

On the downside, the cryptocurrency is in a downturn. TRON is declining and approaching its previous low of $0.11. The price of the altcoin is now at $0.113. On the downside, TRON will attract buying pressure if it reaches the previous lows of $0.10 and $0.11 again.

TRON indicator reading

The price bars have fallen well below the moving average lines. The decline is slowing as it approaches previous lows. On the 4-hour chart, the moving average lines have slipped south, indicating a negative trend. On the other hand, the moving average lines are sloping horizontally, indicating a long-term sideways trend on the daily chart.

Technical indicators

Key supply zones: $0.13, $0.14, $0.15

Key demand zones: $0.10, $0.09, $0.08

TRXUSD_(Daily Chart) –May 25.jpg

What is TRON's next move?

On the 4-hour chart, TRON is bearish and has reached its current support level of $0.113. The bears have tested the current level for the third time and are trying to maintain the negative trend. On April 13, TRON fell to a low of $0.10 as the bulls bought the dips. Currently, TRON is consolidating above the $0.113 support.

TRXUSD_(4-hour Chart) – May 25.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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