TRON Reaches Bearish Limit And Remains Above $0.076 High

Jun 09, 2023 at 09:22 // Price
Coin Idol
The TRON is in the process of lowering itself

TRON (TRX) price is falling above the moving average lines.

TRON price long term forecast: bullish

The current uptrend for TRON was broken when it climbed to a high of $0.085. At the time of writing, the altcoin is currently trading at $0.076. The current downtrend has reached bearish exhaustion. The uptrend will resume when the cryptocurrency value returns above the moving average lines. Cryptocurrency prices will rise and regain their previous highs of $0.080 and $0.085. However, if the cryptocurrency price falls below the 21-day line SMA, TRON will be forced to move in a range between the moving average lines. TRX/USD is currently trading above the moving average lines, waiting for a positive trend to develop.

TRON indicator display

On the Relative Strength Index for period 14, TRON is at 53. Despite the decline, the altcoin is in the uptrend zone. It can rise further than the previous high. Since the price bars are above the moving average lines, the uptrend could resume. The oversold area of the market is where the altcoin is trading now. This indicates that the market has reached its bearish limit.

TRXUSD_(Daily Chart) – June 7.23.jpg

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?

The TRON is in the process of lowering itself. Based on the price indicator, the altcoin seem to have overcome the bear market. During the decline that started on June 4, TRON took an upward correction and a candlestick tested the 61.8% Fibonacci retracement level. TRON is expected to fall to the 0.076 level or the 1.618 level of the Fibonacci sequence.

TRXUSD_(4 –Hour Chart) – June 7.23.jpg

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. Readers should do their own research before investing in funds.

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