TRONs $0.079 High Followed by Pullback

TRONs $0.079 High Followed by Pullback

The TRON (TRX) market is currently overbought, with the cryptocurrency approaching the overbought area of the market and further upward movement of the cryptocurrency being unlikely, as discussed in this analysis and forecast.

The price of TRON (TRX) continued its boost after breaking the $0.071 resistance.

TRON price longstanding forecast: positive  tendency

The previous tendency came to a halt as soon as the crypto altcoin reached its peak of $0.071. In doing so, the price of TRON dropped over the moving average lines. After regaining an uptrend over the moving average lines, the digital currency value started to boost once more. On May 22, the digital currency price climbed to $0.079 before sliding. The level 2.0 of the Fibonacci expansion, i.e. the price of $0.078, was previously predicted by the price indicator. At the time of publication, the crypto altcoin has a daily low of $0.077. On the plus side, the crypto altcoin is approaching the overbought area of the market and further upward movement of the digital currency is unlikely. Nonetheless, TRON can potentially not be accepted in the overbought area. If it rises over the breakout level of $0.071, it  can potentially regain upward momentum.

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TRON indicator display

On the Relative Strength Index for period 14, TRON is at level 74. The market for the digital currency investment is overbought. It is unlikely that the currency will continue to boost. The price is growing as the price bars are well over the moving average lines. The stochastic on the daily chart is below 80, which implies that TRON has a negative momentum. TRON is as of now trading in an overbought zone.

Key supply zones: $0.07, $0.08, $0.09

Key demand zones: $0.06, $0.05, $0.04

What is the following direction for TRON?

The TRX/USD market is as of now overbought. After reaching the high of $0.079, it is as of now sliding back. It is expected that the crypto altcoin will retrace over the breakout level or the moving average lines. In this case, an uptrend is expected. Nonetheless, if the price falls below the moving average lines, the crypto altcoin will start to fall.

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TRXUSD(4 –Hour Chart) - May 24.23.jpg

Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell digital currency and should not be viewed as an endorsement by Coin Idol. Readers should do their own research before investing in funds.

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