The price of TRON (TRX) has completed the retracement above the $0.31 support level before accelerating back upwards.
TRON price long-term forecast: bullishÂ
Buyers were unable to sustain their positive momentum above the $0.33 high during the bounce on July 18. However, the price signal suggests that TRON will continue to rise to its earlier high.
On July 19, a retracement candle reached the 78.6% Fibonacci retracement level. This means that the market will reach the 1.272 Fibonacci extension or the high at $0.3541.
On the downside, the altcoin will continue to rise as long as the 21-day SMA support holds. TRON will drop to a low of $0.28 if the bears break below the moving averages. TRON is now at $0.317.
TRX indicator analysis
The price bars are above the upward moving average lines. The altcoin will rise as long as the price bars are above the moving average lines. The price bars on the 4-hour chart are below the moving average lines, which is due to the recent decline. Buyers have pushed the price back above the moving average lines.
Technical IndicatorsÂ
Key Resistance Zones: $0.40, $0.45, and $0.50Â
Key Support Zones: $0.20, $0.15, and $0.10
What is the next move for TRON?
TRON is in an uptrend that has stalled below the $0.34 high. On the 4-hour chart, the altcoin is trading above the $0.31 support but below the $0.34 barrier. TRON has started an uptrend and remains above the moving average lines. The presence of doji candlesticks has led to a steady price movement. The uptrend will continue above the $0.34 high.
The price of TRON reached a high of $0.31 after breaking through resistance at $0.29 on July 17, as reported by Coinidol.com.Â
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.Â
