Tron (TRX) Long-term Price Analysis - December 16

  • The $0.012 mark is still a strong support that needs to be broken if TRX’s price is to go lower.
  • A retest of said mark could see the crypto get to lower lows and lower highs for a while, before moving in favor of the bears.

TRXUSD Long-term Trend – Ranging

Distribution territories: $0.02, $0.024, $0.026

Accumulation territories: $0.008, $0.006, $0.004

Tron’s TRX token has been dropping against the US dollar and its price has already been rejected at various territories within its specific range in the last week. Currently, its range is between the $0.016 and $0.012 marks.

Tronn, TRXUSD, Cryptocompare chartTron Chart by TradingView

The cryptocurrency’s price has been trading along the 14-day SMA’s trend line. The 50-day SMA is currently located above the 14-day SMA. The Stochastic Oscillators appear to be crossing at range 40 and are starting to point north. This signal isn’t yet enough for traders to enter a long position, as there’s still a possibility they’ll get caught in a bull trap as the cryptocurrency hasn’t moved enough to assure its trend.

The price spike TRX saw on November 28 has been gradually erased by the bears’ force in the market. The $0.012 mark is still a strong support that needs to be broken if TRX’s price is to go lower. A retest of said mark could see the crypto get to lower lows and lower highs for a while, before moving in favor of the bears.

The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.