TRX Price Stalls After Resistance Break Failure

Tron (TRX) has rebounded from its previous decline, but failed to break the $0.144 resistance. Currently trading at $0.110, TRX remains in a sideways trend between $0.110 and $0.124. While selling pressure has eased, technical indicators suggest a bearish bias with the 21-day SMA falling below the 50-day SMA. TRX is likely to continue fluctuating within this range until it breaches the resistance or support levels.

TRON (TRX) Price Cools After Failing to Breach Key Resistance

April 6, 2024

TRON's (TRX) price has experienced a temporary recovery from its recent decline, but momentum has stalled at a crucial resistance level, indicating a potential bearish reversal.

Technical Analysis

After retracing from a local high of $0.144, TRX price encountered resistance and failed to break above it. This failure suggests that the current downtrend may continue. A breach of the $0.144 resistance would have paved the way for a bullish rally towards $0.219.

Currently, TRX is trading below the $0.144 resistance at around $0.110. Since March 19, 2024, the price has been consolidating between $0.110 and $0.124.

Indicator Readings

On the technical front, TRX's price bars are below the moving average lines, indicating a bearish trend. The 21-day simple moving average (SMA) has fallen below the 50-day SMA, forming a bearish crossover. However, this bearish signal is fading as the price consolidates.

Key Supply and Demand Zones

Key supply zones: $0.09, $0.10, $0.11
Key demand zones: $0.06, $0.05, $0.04

Next Direction

TRON's price is currently trending below the moving averages, suggesting a potential bearish continuation. The price is fluctuating within a narrow range between $0.116 and $0.124 on the 4-hour chart. This indicates that the sideways trend may persist for a few more days.

Conclusion

TRON's price recovery has been halted by resistance at $0.144, prompting a potential bearish reversal. The technical indicators and price action suggest that the downtrend may continue unless TRX breaks out of its current range.