TRON (TRX) Price Approaching Overbought Resistance at $0.11
The price of TRON (TRX) is on the rise and has reached a high of $0.109 at the time of writing. It is approaching the overbought resistance level of $0.11.
TRON Price Long-Term Prediction: Sideways Trend
According to price analysis, TRON has been in a sideways trend below the overhead barrier since November 10. The cryptocurrency’s price is oscillating above the moving average lines but below the overhead resistance. The market’s upward movement is shaky as it nears the overbought area and the historical price level of November 15, 2021.
If buyers manage to break through the current barrier, TRON may face another rejection at $0.12. On the other hand, if the price falls below the moving average lines, the sideways trend could come to a halt and TRON’s previous lows of $0.095 and $0.090 may be reached again.
TRON Indicator Reading
As long as the price bars remain above the moving average, TRON will maintain its sideways movement. The moving average lines are pointing upwards, indicating an uptrend. However, TRON’s price movement has been limited by small, indecisive candles known as doji.
Technical Indicators
Key Supply Zones: $0.09, $0.10, $0.11
Key Demand Zones: $0.06, $0.05, $0.04
What’s Next for TRON?
If the price bars continue to stay above the moving average lines, TRON’s sideways trend will persist. Buyers are attempting to recover the altcoin’s previous high of $0.12, but it is likely to face more rejection as it approaches this level.
Hot Take: TRON (TRX) Price Approaching Overbought Resistance
The price of TRON (TRX) is steadily rising and approaching the overbought resistance level of $0.11. TRON has been in a sideways trend below the overhead barrier since November 10, with its price oscillating above the moving average lines but below the overhead resistance. The market’s upward movement is uncertain as it nears the overbought area and historical price level of November 15, 2021. If buyers break through the current barrier, TRON may face rejection at $0.12, while a fall below the moving average lines could bring back previous lows. TRON’s price movement is being influenced by technical indicators and key supply and demand zones.
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