TRON (TRX) is currently trading in the bullish trend zone after a recent decline.
The cryptocurrency's value has declined as buyers were unable to maintain their bullish momentum above the $0.07 resistance level. The resistance level was breached twice, but each time the altcoin was sold off. TRON fell to $0.068 today as bulls bought the dip. The current decline has weakened above the moving average lines, but it is still below the $0.07 resistance level. This suggests that the cryptocurrency could continue to rise in the future. If the current resistance is overcome, TRON is expected to reach its high of $0.08. On the other hand, if the cryptocurrency price falls below the 21-day line SMA, the current trend will come to an end. The decline could reach a minimum of $0.06.
TRON is currently trading at the 57 level of the Relative Strength Index for the 14 period, indicating an uptrend. The overbought area of the market is challenging the altcoin, but it is able to rise in the bullish trend zone. TRON will rise as long as the price bars are higher than the moving average lines. Selling pressure has eased as the altcoin has reached the level 20 of the daily stochastic.
Key supply zones: $0.07, $0.08, $0.09
Key demand zones: $0.06, $0.05, $0.04
TRON is still trading in the bullish trend zone despite the current decline. The cryptocurrency is rallying above the $0.068 support. On the 4-hour chart, the price of the cryptocurrency has dropped below the moving average lines. This indicates that the price will fall from its previous low of $0.066.
Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by Coin Idol. Readers should do their own research before investing in funds.