TRON Pullback After The High Of $0.079

May 24, 2023 at 10:19 // Price
Coin Idol
The TRX/USD market is currently overbought

The price of TRON (TRX) continued its rise after breaking the $0.071 resistance.

TRON price long term forecast: bullish

The previous trend came to a halt as soon as the altcoin reached its peak of $0.071. As a result, the price of TRON fell above the moving average lines. After regaining an uptrend above the moving average lines, the cryptocurrency value started to rise again. On May 22, the cryptocurrency price climbed to $0.079 before falling. The level 2.0 of the Fibonacci expansion, i.e. the price of $0.078, was previously predicted by the price indicator. At the time of writing, the altcoin has a daily low of $0.077. On the positive side, the altcoin is approaching the overbought area of the market and further upward movement of the cryptocurrency is unlikely. However, TRON might not be accepted in the overbought area. If it rises above the breakout level of $0.071, it could regain upward momentum.

TRON indicator display

On the Relative Strength Index for period 14, TRON is at level 74. The market for the cryptocurrency asset is overbought. It is unlikely that the currency will continue to rise. The price is rising as the price bars are well above the moving average lines. The stochastic on the daily chart is below 80, which means that TRON has a negative momentum. TRON is currently trading in an overbought zone.

TRXUSD_(Daily Chart) – May 24.23.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 TRX/USD market is currently overbought. After reaching the high of $0.079, it is currently falling back. It is expected that the altcoin will retrace above the breakout level or the moving average lines. In this case, an uptrend is expected. However, if the price falls below the moving average lines, the altcoin will start to fall.

TRXUSD(4 –Hour Chart) - May 24.23.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 Coin Idol. Readers should do their own research before investing in funds.

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