TRON (TRX) was rejected at the high of $0.085 and is currently trading below the moving average lines.
The altcoin corrected upwards in the last price action and reached the previous high of $0.085. The cryptocurrency price reached a high of $0.094 on July 22, but quickly fell below the $0.085 level.
The altcoin failed to break through the previous resistance level, leading to a decline. TRON is trading at $0.076 at the time of writing. As long as the price bars below the moving average lines, the selling pressure will continue.TRX will continue to fall to the previous low at $0.070.
The current slump has reached the Relative Strength Index low of 40. TRON is in a downtrend. The cryptocurrency declines when the price bars fall below the moving average lines. Since July 28, the altcoin has lost value. It is now below the daily stochastic threshold of 20. It has reached the oversold zone.
Key supply zones: $0.07, $0.08, $0.09
Key demand zones: $0.06, $0.05, $0.04
The price of TRX is falling as it approaches its recent low of $0.070. TRON has been trading between $0.065 and $0.085 since June 2. The presence of Doji candlesticks has restricted price movement.
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 CoinIdol.com. Readers should do the research before investing in funds.