TRON (TRX) Price Analysis: Bearish Forecast and Oversold Territory
The price of TRON (TRX) has fallen below the moving average lines after reaching the resistance at $0.085. This is the third attempt by buyers to retest the resistance. If the upper barrier is broken, TRON could reach new highs at $0.095 and $1.00.
- TRX/USD is currently trading between $0.070 and $0.085
- TRON has fallen to a low of $0.075
- The market is approaching oversold territory, indicating that selling pressure may ease
- The Relative Strength Index for the 14th period is at level 37, showing that TRON is moving into the oversold territory
- TRON is currently below the daily stochastic level of 20
The key supply zones for TRON are $0.07, $0.08, and $0.09, while the key demand zones are $0.06, $0.05, and $0.04.
What’s Next for TRON?
TRON has reached the oversold zone, indicating that selling pressure is expected to ease. If buyers emerge in the oversold zone, the decline will come to an end. TRON is currently trading above the support level of $0.075. If the current support holds, the altcoin may rise.
Last week, TRON traded in a limited range between $0.075 and $0.078.
Hot Take
Despite the bearish forecast and the current downtrend, TRON’s oversold condition and potential support level could provide an opportunity for buyers to enter the market and push the price higher. Keep an eye on TRON’s movement and consider the support and resistance levels when making trading decisions.
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