The price of TRON (TRX) continued its boost after breaking the $0.071 resistance.
TRON price longstanding forecast: positiveย tendency
The previous tendency came to a halt as soon as the cryptoย altcoin reached its peak of $0.071. Inย doingย so, the price of TRON dropped over the moving average lines. After regaining an uptrend over the moving average lines, the digitalย currency value started to boost onceย more. On May 22, the digitalย 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. Atย theย timeย ofย publication, the cryptoย altcoin has a daily low of $0.077. Onย theย plusย side, the cryptoย altcoin is approaching the overbought area of the market and further upward movement of the digitalย currency is unlikely. Nonetheless, TRON canย potentially not be accepted in the overbought area. If it rises over the breakout level of $0.071, itย canย potentially regain upward momentum.
TRON indicator display
On the Relative Strength Index for period 14, TRON is at level 74. The market for the digitalย 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 impliesย that TRON has a negative momentum. TRON is asย ofย 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 theย following direction for TRON?
The TRX/USD market is asย ofย now overbought. After reaching the high of $0.079, it is asย ofย now sliding back. It is expected that the cryptoย 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 cryptoย altcoin will start to fall.
Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell digitalย 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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