TRON Loses Ground As It Falls Below $0.18

The price of TRON (TRX) is under renewed selling pressure after falling below the $0.22 support.

TRX price long term forecast: bearish

The altcoin was trading in a horizontal pattern before the recent drop. After the price decline, a candlestick body tested the 78.6% Fibonacci retracement level at December 9, 2024, as reported by Coinidol.com. The retracement suggests that TRX will decline before rebounding at the Fibonacci extension level of $1.272 or $0.1862.

Selling pressure has fallen to $0.213 at the time of writing. In the previous session, the market fell to $0.198, but the bulls bought the dips. Despite the rise, the altcoin is struggling to break the moving average lines. 

Analysis of the TRON indicator

The horizontal moving average lines are crossed over by the price bars. The bearish crossover of the moving average lines indicates a downtrend. The doji candlesticks are still conspicuous as the altcoin continues to lose momentum.

Technical Indicators 

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

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

What is the next move for TRON?

TRON is rejected at the 21-day SMA barrier and has fallen on the 4-hour chart. Selling pressure has stopped above the $0.21 barrier as the altcoin consolidates. Cryptocurrency prices are rising above the $0.21 support level. TRON will start to decline again if the existing support is broken.

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 CoinIdol.com. Readers should do their research before investing in funds.