TRON (TRX) Price Analysis: Bullish Forecast
The latest price analysis shows that the price of TRON (TRX) has been on the rise since October 15. It has increased from $0.084 to $0.092 and has remained at a high of $0.94 since October 23. The cryptocurrency is currently fluctuating between $0.092 and $0.094, with a possibility of further increase.
Breaking Resistance Level
The current resistance level has been tested three times already, and if it is broken, TRX/USD will reach a high of $0.097. However, if the resistance holds, the price movement will remain between $0.092 and $0.094. If the altcoin falls below the support level of $0.092, the decline will continue.
Positive Indicator Display
The price bars of TRON have consistently held above the moving average lines, indicating an upward trend. The moving average lines are pointing north, and TRON has a bullish crossover that started on September 12 when the 21-day SMA crossed the 50-day SMA.
Key supply zones for TRON are at $0.07, $0.08, and $0.09, while key demand zones are at $0.06, $0.05, and $0.04.
Future Direction for TRON
The price of TRON is expected to continue rising after crossing the $0.092 level. If the resistance at $0.094 is broken, TRON may reach a high of $0.097 or even higher based on the Fibonacci Extension level of 1.618. However, if the support level of $0.092 is breached, TRON may fall back to a low of $0.90 below the moving average lines.
According to a previous report on October 18, positive momentum retraced above the $0.089 support but failed to surpass the recent high. If the buyers had been successful, TRON would have reached a high of $0.10.
Hot Take: TRON’s Bullish Trend Continues
The price analysis indicates that TRON (TRX) is currently experiencing a bullish trend and has the potential to continue rising. With resistance levels being tested and positive indicators in place, TRON may reach new highs above $0.094. However, if support levels are broken, a decline in price is expected. Traders and investors should closely monitor these levels to make informed decisions regarding their TRON holdings.
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