TRON Price Analysis: Bullish Long-Term Forecast
The TRON (TRX) price has recently broken through the moving average lines, indicating a bullish trend. Previously, TRON was stuck between these lines, but it gained momentum by surpassing the 50-day simple moving average and reaching a high of $0.079. The market forecast suggests that TRON will rally further to a high of $0.085, with a candle body already testing the 50% Fibonacci retracement level during the recent rally on August 23. However, TRX is currently in the overbought region, so if sellers emerge, the altcoin may decline or reverse above the moving average lines, continuing to fall towards the support level of $0.078.
TRON Indicator Display
TRON has maintained an uptrend above the Relative Strength Index (RSI) of 60 for the past 14 periods. As the price bars crossed the moving average lines, TRON resumed its upward movement. However, the altcoin has now reached a state of bullish exhaustion as it enters the overbought zone, with the stochastic level above 80 on a daily basis. If TRON doesn’t break out of the overbought condition, it will continue to rise.
Key supply zones: $0.07, $0.08, $0.09
Key demand zones: $0.06, $0.05, $0.04
What’s Next for TRON?
TRON is currently on a growth trajectory, targeting a high of $0.085. The RSI indicates that there is room for the altcoin to rise further towards previous highs. As long as the price bars remain above the moving average lines, TRON will continue its upward movement. The bullish trend will come to an end only if the altcoin is rejected and falls below the moving average lines.
On September 1, 2023, cryptocurrency analytics specialists stated that TRON is currently unable to resume its uptrend as it is trapped between the moving average lines. The resistance at $0.078 and the 50-day line SMA have slowed down its upward movement.
Hot Take:
The TRON (TRX) price has recently broken through the moving average lines, indicating a bullish trend and potential for further growth. However, the altcoin is currently in the overbought region, which may lead to a decline or reversal. It is important to monitor the price bars and ensure they remain above the moving average lines to sustain the upward movement. TRON is targeting a high of $0.085, but resistance at $0.078 and the 50-day line SMA may pose challenges. Overall, TRON has the potential to continue rising, but caution is advised to avoid potential reversals.
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