TRON (TRX) Price Analysis: Sideways Trend Continues, Bulls Target $0.40

Cryptocurrency analysts of Coinidol.com report, the price of TRON (TRX) has been in a sideways trend since the price drop on December 9.

According to cryptocurrency analysts at Coinidol.com, the price of TRON (TRX) has been moving in a sideways trend since the price dropped on December 9.

TRON Price Long-term Analysis: in the Range

After being initially confined by the moving average lines, TRON has recovered. The price bars are above the moving averages but below the resistance at $0.28. The crypto is rising and trading above the 21-day SMA support. The uptrend encounters resistance at $0.28 and $0.30. If the bulls can break these resistances, the bullish momentum will extend to a high of $0.40. However, if the bulls fail to break the resistance at $0.30, the trend will continue above the 21-day SMA support. At the moment, TRX is trading at $0.269.

TRON Indicator Analysis

The crypto price is above the moving averages, slowly recovering from being confined by them. Due to the emergence of doji candlesticks, TRON is trading modestly. The sideways trend is making the moving average lines to slope horizontally.

Technical Indicators

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

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

What's Next for TRON?

On the 4-hour chart, TRON is trading within a narrow range with support at $0.245 and resistance at $0.275. Due to the formation of doji candlesticks, the price action is smooth. As long as the price bars are above the moving averages, TRON will trend upward. Approaching resistance at $0.28.