TRON Tumbles but Moves Sideways above $0.27

The TRON price has fallen below the moving average lines after being rejected at the $0.29 high.

TRX price long-term forecast: bearish

On December 4, buyers pushed the price above the 21-day SMA, but could not sustain momentum above the 50-day SMA or the $0.29 resistance. The price dropped to a low of $0.27, but bulls bought the dips.

Today, buyers are attempting to keep the price above the 21-day SMA. If buyers fail to surpass the recent high, the cryptocurrency will be forced to trade in a range below the 21-day SMA. On the downside, TRON will decline if it falls below the $0.27 support level, potentially dropping to $0.25. Currently, TRON price is at $0.287.

TRON price indicator analysis

Both the 21-day and 50-day SMAs are trending downward. After the recent decline, the price bars are now below the 21-day SMA support.

On the 4-hour chart, the price bars are positioned between the horizontal moving average lines. The cryptocurrency is trading in a narrow range, above the 50-day SMA support and below the 21-day SMA resistance.

What is the next move for TRON?

TRON’s price is undergoing an upward correction after a recent drop above the $0.27 barrier. The altcoin’s upward correction ended at $0.282 as it retraced above the moving averages. On the 4-hour chart, the price is in a tight range above the $0.277 support and below the $0.282 resistance level. TRON is ascending, but in a sideways move.

Disclaimer. This analysis and forecast are the personal opinions of the author. The data provided is collected by the author and is not sponsored by any company or token developer. This is 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.