The Rise of TRON (TRX) Price: A Bullish Long-Term Forecast
According to cryptocurrency analysts, the price of TRON (TRX) has been steadily increasing since August 23. However, the asset is currently unable to resume its upward trend 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.
Main Breakdown of Key Points:
- If TRON breaks through the current resistance, its next high will be $0.085 per token.
- If it fails to break through the resistance, TRON will fall back to its previous low of $0.07.
- TRON is currently in a trading range as long as it remains between the moving average lines.
- The Relative Strength Index indicates that TRON is in the bullish trend zone at level 52.
- The Stochastic on the daily chart shows a bullish momentum for TRON.
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 is the Next Direction for TRON?
TRON is currently experiencing an upward movement, but its price has been stopped at the high of $0.078, which is an overbought area of the market. The altcoin is struggling to break into this recent high and falls back whenever it reaches the overbought area. However, if TRON manages to break through the resistance, a breakout will occur.
Recent reports indicate that TRON broke above the 21-day line SMA, but remains trapped between the moving average lines. As it reaches the overbought zone, the cryptocurrency has become further confined between these lines.
Hot Take:
TRON’s long-term forecast remains bullish, but its current resistance level poses a challenge to its upward movement. Traders should closely monitor the breakout potential at $0.078, as it could lead to a significant increase in price. However, if TRON fails to overcome this resistance, a fall back to previous lows is expected. The cryptocurrency market continues to be volatile, so it is important to stay informed and make strategic decisions based on the latest analysis.
Cabel Dioli emerges as a luminary seamlessly blending the roles of crypto analyst, dedicated researcher, and editorial artisan. Within the dynamic expanse of digital currencies, Cabel’s insights resound like finely tuned notes, reaching minds with diverse inquisitiveness. His mastery in unraveling intricate threads of crypto intricacies harmonizes effortlessly with his editorial finesse, transforming complexity into a captivating symphony of comprehension.