The Latest Price Analysis of TRON (TRX)
The latest price analysis of TRON (TRX) suggests that the cryptocurrency has been experiencing an uptrend since September 6. The altcoin has broken above the moving average lines and retested them before continuing its upward movement. Currently, TRON is on its way to reaching a high of $0.085, with the market currently at $0.084. However, the uptrend has paused below the resistance zone at $0.085, and the price indicator predicts further upward movement to a high of $0.088. It’s worth noting that TRON is currently trading in the overbought zone, which could interrupt the bullish scenario.
TRON Indicator Reading
TRON has reached the overbought zone of the Relative Strength Index (RSI) at 71 for the period 14. This puts the cryptocurrency at risk of a decline if it approaches the overbought zone further. As long as the price bars remain above the moving average lines, TRON will continue to rise. However, if sellers appear in the overbought zone, TRON may fall below or above the moving average lines. Additionally, TRON is currently trading above the daily Stochastic threshold of 80.
Key supply zones for TRON include $0.07, $0.08, and $0.09, while key demand zones include $0.06, $0.05, and $0.04.
What is the Next Direction for TRON?
The next direction for TRON is expected to be a fall above the moving average lines. Typically, when TRON is rejected at the $0.085 resistance zone, it tends to fall either above or below the moving average lines. Currently, the market is overbought at the resistance zone. However, if TRON manages to break through this resistance, the price indicator predicts a new high of $0.088.
Last week, it was reported that TRON had been trapped between the moving average lines. However, it gained bullish momentum by breaking out of the 50-day simple moving average and reaching a high of $0.079.
Hot Take: TRON Continues Uptrend with Potential Resistance Ahead
The latest price analysis indicates that TRON (TRX) has been experiencing an uptrend since September 6. While the altcoin is on its way to reaching a high of $0.085, it has paused below the resistance zone at $0.085. The overbought condition of TRON in the market may interrupt the bullish scenario, but if it manages to break through this resistance, it could potentially reach a new high of $0.088. TRON’s movement above or below the moving average lines will be key in determining its next direction. Overall, TRON continues to show positive momentum in its long-term forecast.
By
By
By
By
By