TRON (TRX) price is demonstrating a correction after an upward movement that brought it near the $0.30 mark. In this article, we review the current market situation and forecasts for TRX.
Current Price and Hourly Chart Analysis
On the hourly chart, TRX price dropped from $0.29 to a recent low around $0.265, followed by a slight bounce to $0.273. The price remains below the 20, 50, and 100-period moving averages, creating a strong resistance zone. For real bounce, TRX needs to reclaim the $0.278 level quickly.
Daily Chart and Trends
The daily chart indicates that after a strong uptrend from $0.24 to $0.29, TRX faced rejection at the $0.295–$0.300 resistance zone. If the price closes below the 50-day SMA, further decline may occur towards $0.250. However, if buyers defend $0.265–$0.280, the uptrend structure might remain intact.
Concerns and Weekly Predictions
If TRX breaks and holds above $0.278, the near-term targets are $0.285 and then a retest of $0.295. On the flip side, if it drops below $0.265, the next key support level is $0.250. This week is critical for determining further trends.
Monitoring the $0.265–$0.280 range is crucial for defining short-term trends. A clear signal should emerge soon that indicates the further direction of TRON's price.
