The price of TRON (TRX) has returned to its rangebound zone after rising to a high of $0.1175. Price analysis by Coinidol.com.
TRON price long-term forecast: range
The altcoin has lost value over the last three days, falling into a range between $0.10 and $0.11. Since November 12, 2023, the upward momentum has been stifled at a high of $0.11. On January 14, 2024, TRON experienced another rejection after rising to a high of $0.1175. At the time of writing, the altcoin has fallen to a low of $0.1083.
On the downside, TRX/USD will continue its downtrend if it retraces and stays above the $0.10 support. The downtrend will continue if the bears fall below the $0.10 support. TRON will continue to fall and reach a low of $0.095.
TRON indicator reading
TRON has retraced above the moving average lines and could continue to rise if it stays above these lines. The sideways trend has held the moving average lines horizontally. The presence of doji candlesticks has caused the price bars to trade moderately.
Technical Indicators
Key supply zones: $0.09, $0.10, $0.11
Key demand zones: $0.06, $0.05, $0.04
What is the next direction for TRON?
On the 4-hour chart, TRX/USD has fallen below the moving average lines. The upward correction was thwarted by the 50-day SMA. The price indicator predicts that TRX will fall to the 2.0 Fibonacci extension or $0.103. Price activity suggests that the market has reached a low of $0.108. Price action is characterized by doji candlesticks.
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 the research before investing in funds.
