TRON (TRX) Price Long Term Forecast: Bullish
TRON (TRX) has experienced a continuous rise in value, reaching a new high of $0.091 on October 1. However, for the past four days, the altcoin’s price has been fluctuating below this recent high.
If TRON manages to decline and find support above the breakout level of $0.085, the current uptrend will resume and the altcoin will target the high of $0.090. On the other hand, if TRON falls below $0.085, the current trend will be halted and the price may drop to $0.080.
TRON (TRX) Indicator Display
Despite its recent decline, TRON’s price bars remain higher than the moving average lines. This overbought condition makes the upward movement speculative, indicating that the current trend may have reached bullish exhaustion.
Technical indicators
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 (TRX)?
TRON is currently retracing to the low of $0.088 while still in the overbought zone. The altcoin has remained solid above the breakout level of $0.085 but faces resistance at $0.090, resulting in selling pressure from sellers in the overbought zone.
In a previous analysis on September 28, it was noted that TRON reached overbought levels near the $0.85 resistance level, suggesting that further price increases were unlikely.
Hot Take: TRON (TRX) Shows Signs of Bullish Exhaustion
The price of TRON (TRX) has been on an upward trend, reaching new highs. However, recent fluctuations and overbought conditions indicate that the current trend may be losing momentum. It is important to monitor the altcoin’s performance and observe whether it can maintain support above the breakout level of $0.085. If TRON manages to resume its uptrend and break through resistance levels, it may continue its bullish run. However, if it fails to do so and falls below $0.085, the price could experience a downward correction.
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