Cryptocurrency Analysts Report Uptrend in TRON (TRX) Price
The price of TRON (TRX) has recently surpassed the resistance level at $0.85, indicating a bullish trend. The cryptocurrency has been experiencing higher highs and higher lows, with buyers actively maintaining upward momentum above the $0.085 high. However, there have been setbacks when the cryptocurrency dipped below the moving average lines on June 3 and July 22. Currently, TRON is trading at $0.86, but it is overbought near the $0.85 resistance level. If the market becomes overbought, it is unlikely for the price to continue rising. In such a scenario, if sellers appear, the altcoin may fall below the moving average lines.
TRON Indicator Analysis
TRON is currently in an uptrend with a 70 rating on the 14-period Relative Strength Index (RSI). Historically, whenever TRON enters the overbought area of the market, its price starts to decline. The cryptocurrency has remained stable as its price bars are consistently higher than the moving average lines. However, it is currently overbought and may experience a fall since it is above the daily stochastic level of 80.
Key supply zones for TRON are $0.07, $0.08, and $0.09, while key demand zones are $0.06, $0.05, and $0.04.
What’s Next for TRON?
TRON has successfully broken above the upper resistance level of $0.85 but is now entering the overbought area around $0.86, signaling weakening upside momentum. This puts TRON at risk of another plunge. Since its last high, TRON has been declining.
According to a previous report from September 16, the bulls broke above the moving average lines and retested them before continuing their upward movement. TRON is currently rising and on track to reach a high of $0.085.
Hot Take: TRON’s Uptrend Faces Resistance
The price of TRON (TRX) has broken above the key resistance level at $0.85, indicating an uptrend. However, the cryptocurrency is currently overbought and may experience a decline in price. TRON’s indicator analysis suggests that it tends to fall when it enters the overbought area of the market. Despite recent highs, TRON is now declining and faces potential resistance. It remains to be seen whether TRON can maintain its upward momentum or if sellers will push the price below moving average lines.
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