The price of TRON (TRX) is falling below the moving average lines.
Since the price decline on June 10, the cryptocurrency asset has started a sideways movement above the $0.069 support. Doji candlesticks are present, which have limited the price movement.
However, the price indicator predicted that the cryptocurrency price would continue to decline. RON completed an upward reversal and a candlestick tested the 61.8% Fibonacci retracement line on the June 10 price decline. The decline is expected to cause TRON to fall below the 1.618 Fibonacci extension or $0.05 level. If the current support level of $0.065 is breached, selling pressure will increase again.
TRON has fallen to level 43 of the Relative Strength Index for the period 14. The altcoin is in a negative trend and has the potential to fall further. As long as the price bars are below the moving average lines, the cryptocurrency will fall. The altcoin is currently in a negative trend, with a rejection at the high of $0.072. It is below the daily stochastic value of 75.
Key supply zones: $0.07, $0.08, $0.09
Key demand zones: $0.06, $0.05, $0.04
TRON is losing ground as it faces rejection in the overbought zone of the market. The alternative coin is at risk of falling below $0.064 if the current support is breached. TRON will resume its bullish momentum if buyers keep the price above the $0.075 resistance level.
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.