TRON Crashes Into An Overbought Region

Oct 12, 2023 at 07:56 // Price
Coin Idol
TRON crashes into an overbought region

The price of TRON (TRX) has fallen below the 21-day moving average line. Cryptocurrency price analysis brought by

TRON price long term forecast: bearish

The cryptocurrency asset is in a downtrend as it is assumed that the previous trend has ended. The altcoin traded and peaked at $0.091. Buyers were unable to sustain the bullish momentum as the altcoin reached the overbought zone. TRX/USD is currently trading at $0.086.

On the downside, TRON is at risk of falling further below the $0.083 support level or the low above the 50-day line SMA TRON will head lower if buyers are unable to keep the price above the 21-day line SMA. TRX/USD will be forced to move in a range between the moving average lines if the 50-day line SMA is maintained as support.

TRON indicator display

The cryptocurrency asset will be forced to move in a range as the price bars are between the moving average lines. The increasing slope of the moving average lines indicates a past upswing. TRON is rising as it tries to surpass the 21-day line SMA. An uptrend is resumed when the 21-day line SMA is broken.

TRXUSD(Daily Chart) – OCT. 11.23.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?

TRON is trading in the bullish trend zone, although it has fallen below the 21-day line SMA. The cryptocurrency is trapped in the area between the moving average lines. TRON will pull back above the 50-day line SMA if it is rejected at the 21-day line SMA. The price fluctuations will continue for a few days if the moving average lines remain unbroken.

TRXUSD_ (4 Hour Chart) – OCT. 11.23.jpg

Last week reported that on October 1, the value of the cryptocurrency asset reached a new high of $0.091. The continuous rise of the altcoin has paused for the last four days at the recent high. 

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 Readers should do the research before investing in funds.

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