TRON uptrend is intact. The price is making a series of higher highs and higher lows. TRX has traded comfortably in the ascending channel.
A break below the support line of the ascending channel will have a consequential effect. The recent higher highs reached a high of $0.019. TRON resumed a downward move after buyers attempted to retest the recent high.
The recent high was an overbought region. Sellers were responsible for the downward movement of the coin. The crypto has corrected upward after falling to a low of $0.017. The market is rising to break above the previous overbought region at $0.019. In a previous upward move, the coin will retrace after an overbought region. TRON has been moving upward to break the previous higher highs as it reaches a new high. TRON's next target will be at level $0.022 if the upward move is not interrupted.
The coin is trading below the 40% range of the daily stochastic. However, the stochastic is indicating a bearish momentum which has subsided as price corrects upward. The EMAs are sloping upward, depicting the current uptrend.
Key Supply Zones: $5, $6, $7
Key Demand zones: $3, $2, $1
TRON uptrend is intact despite the frequent retracements. Presently, the bulls are attempting to break above the EMAs. A break above the EMAs will accelerate price movement to the upside. TRON upward move has been consistent as it approaches the last resistance level.
Disclaimer. This analysis and forecast are the personal opinions of the author that 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 funds.