Tron (TRX), upside rally halted at resistance... If 'here' collapses, long-term support will be pushed down

▲ Tron (TRX)

Tron (TRON, TRX), which has seen a sharp drop in price volatility, is exploring its direction within a concentrated zone of key moving averages, putting it to a short-term technical test.

According to cryptocurrency media outlet Cointelegraph on September 17 (local time), Tron fell to the $0.321 level in early September and then rebounded above $0.34, but failed to break through the $0.345 to $0.35 range, which was its August high.

Tron, which recently retreated after hitting resistance, has fallen to around $0.333 to $0.335, where short-term and medium-term moving averages converge. The dominant analysis in the market is that maintaining this support level is crucial to preserve the chart structure of gradually rising lows that has been forming since June.

If the $0.333 to $0.335 support level fails to hold, the price risks being pushed down to the $0.33 level. Below that, the $0.325 to $0.326 range, considered a much stronger long-term support level, has been set as the next line of defense.

The Relative Strength Index (RSI), a technical indicator, remains at a neutral level, failing to provide clear direction. Unlike Bitcoin (BTC), Tron did not experience a sharp collapse in momentum but rather showed a tendency to narrow its price fluctuations and compress around the moving averages.

The key price level that buyers aiming for an upward breakout must reclaim first is considered to be the $0.34 level. If it surpasses $0.345, a clear signal for continued upward movement will be triggered, reopening the upward trajectory towards $0.35.

[Article Key Summary]

-Tron (TRX) retreated to the concentrated moving average zone of $0.333 to $0.335 after failing to break the $0.345 resistance.

-If the current support level is broken, there is a risk of further decline to $0.33 and then to the long-term support level of $0.325 to $0.326.

-To restore the upward trend, reclaiming the $0.34 level and breaking through $0.345 must precede.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*