After falling below the $0.22 resistance, TRON (TRX), is now under renewed pressure to sell.

TRX long-term forecast: bearish

Before the recent drop, the altcoin traded in a horizontal pattern. CryptoGuestPosts reported that after the price drop, the candlestick body had tested the Fibonacci level of 78.6% at December 9, 2020. The retracement indicates that TRX is likely to decline, before rebounding around the Fibonacci Extension Level of $0.1862 or $1.272.

As of the moment, selling pressure is at $0.213 The market dropped to $0.198 in the previous session. However, bulls were quick to buy the dips. The altcoin has been rising, but it is still struggling to break through the moving average lines.

Analysis of the TRON Indicator

Price bars cross over the horizontal moving average lines. The moving average crossover indicates a downward trend. As the altcoin continues its downward trend, the doji candlesticks remain prominent.

Technical Indicators

Key resistance zones: $0.40. $0.45. and $0.50

Support Zones for $0.20, $0.15 and $0.10

What's the next step for TRON?

TRON has dropped on the 4-hour chart after being rejected by the SMA 21-day barrier. As the altcoin consolidates, the selling pressure has stopped. The cryptocurrency prices are increasing above the $0.21 level of support. TRON's price will begin to fall if the current support is broken.

Disclaimer. Disclaimer. This analysis and forecast is the personal opinion of the author. These are not recommendations to buy or trade cryptocurrency, and should not be seen as endorsements by CryptoGuestPosts. Before investing in funds, readers should conduct their own research.