TRON (TRX) is currently trading at $0.16, caught between the 21-day and 50-day Simple Moving Averages (SMA). After recent attempts to push above the $0.17 resistance level, TRON is struggling to find a clear direction.
TRON Price Outlook: Caught Between Key Levels
The TRON price has faced rejection at the $0.17 mark twice recently. Although the selling pressure has reduced, the cryptocurrency remains trapped between the 50-day SMA (support) and the 21-day SMA (resistance).
If TRON can break above the 21-day SMA, it may resume its upward trend. However, a drop below the 50-day SMA could push the price down to $0.15. Currently, TRX is fluctuating in this tight range, with buyers and sellers evenly matched.
TRON Indicator Analysis
The moving averages are trending upward but have moved away from recent highs. The price bars remain confined between the 21-day and 50-day SMAs, keeping TRON in a sideways movement. According to a technical analysis by Coinidol.com, TRON’s price may decline if it breaks below any of these moving averages.
Key Resistance Levels:
- $0.13
- $0.14
- $0.15
Key Support Levels:
- $0.10
- $0.09
- $0.08
What’s Next for TRON?
On the 4-hour chart, TRON has dropped below both moving averages, suggesting a potential decline to $0.156. Currently, TRX is trading slightly above the $0.16 support level. If this support holds, the selling pressure may ease. However, if TRX falls below $0.16, a further decline to $0.156 is likely.
