TRON Gains But Remains Below The $0.17 Mark

The price of TRON (TRX) has continued to rise and is approaching the barrier zone of $0.18.

TRX price long-term prediction: bullish

The price indicator has signalled further upward movement of the cryptocurrency and a possible reversal. During the August 22 upswing, a retraced candlestick body tested the 78.6% Fibonacci retracement line. The retracement predicts that TRON will rise, but it will retrace at the 1.272 Fibonacci extension or $0.179. According to the price action, the altcoin has retraced and is currently holding above the $0.158 support. The uptrend will begin if the existing support at $0.15 is maintained.

TRX indicator reading

The price bars remain above the moving average lines, indicating that the cryptocurrency is still trending upwards. However, on the 4-hour chart, the price bars are between the moving average lines, indicating that the cryptocurrency is trending sideways. TRON is in overbought territory, with bullish momentum stalling at the $0.17 resistance zone.

Technical Indicators 

Key Supply Zones: $0.13, $0.14, $0.15

Key Demand zones: $0.10, $0.09, $0.08

What is the next step for TRON?

TRON is currently trading sideways, below the $0.17 mark. This trend could continue for a few more days. The price movement has been limited by the presence of doji candlesticks. The decline will resume if the price falls below the moving average lines.

Coinidol.com reported on August 21 that TRON's sideways trend has been broken and the bulls have broken through the overhead resistance at $0.144 

Disclaimer. This analysis and forecast are the personal opinions of the author. They are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol.com. Readers should do their research before investing in funds.