TRON (TRX) has shown bullish signs as it rallied above the 21-day simple moving average (SMA) and tested the $0.091 resistance level.
TRON price long-term forecast: bullish
Positive momentum pushed TRON above the $0.089 support level but failed to break the recent high. If successful, TRON could have reached $0.10.
On October 3, TRON reached the same price level but fell below the moving average lines. However, it has now reversed course and is trading above the moving average lines. Currently, TRON is in an overbought area, which poses a risk of a potential fall if sellers enter the market. On the other hand, if TRX stays above the moving average lines, it will rise and retest the overbought zone. The expected trading range for TRX/USD is between $0.085 and $0.091.
TRON indicator display
The positive trend for TRON continues as long as the price bars remain above the moving average lines, which have been sloping upwards since the rally began. Additionally, there has been a bullish crossover after a bounce on September 12.
Key supply zones: $0.07, $0.08, $0.09
Key demand zones: $0.06, $0.05, $0.04
What is the next direction for TRON?
TRON is aiming to establish an uptrend but faced a second fall after retesting the recent high. Multiple rejections are causing a decline in a market that is showing strong movement.
Last week, it was reported that TRON is in a downtrend as the previous trend is assumed to have ended. The altcoin reached a peak of $0.091.
Hot Take: TRON Shows Bullish Signs as it Rallies Above Moving Average
TRON has demonstrated bullish momentum by surpassing the 21-day simple moving average and testing the resistance level at $0.091. Despite failing to break the recent high, TRON remains in an overbought area. If it stays above the moving average lines, the cryptocurrency is likely to rise and retest the overbought zone. However, sellers entering the market could pose a risk of a potential fall. The positive trend for TRON continues as long as the price bars remain above the moving average lines, indicating a potential uptrend for the altcoin.
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