The price of TRON (TRX) is rising in a correction, but it is tied to the moving average lines.
The cryptocurrency asset has been held back since April 1. TRON is now trading at $0.066 as we write this. Buyers made two unsuccessful attempts to keep the price above the 50-day line SMA. Sellers previously failed to exert more selling pressure below the 21-day line SMA TRON is likely to trade in a range for a few days. However, if the altcoin recovers, it could reach its previous highs of $0.070 and $0.072. The altcoin will crash if buyers encounter resistance at the current high. The market turbulence will once again reach the previous low of $0.060. In the meantime, the cryptocurrency is still constrained by the moving average lines.
In the Relative Strength Index for the 14 period, TRON is at 53. Although the altcoin is on the rise, its momentum is stalled. The fact that the price bars have remained within the moving average lines suggests that the price may be moving within a range. TRON is moving in a bullish direction, but is approaching the overbought area of the market. It is above the stochastic value of 70 on the daily chart.
Key supply zones: $0.07, $0.08, $0.09
Key demand zones: $0.06, $0.05, $0.04
The coming direction of this TRON is unpredictable as it is caught between the moving average lines. The daily chart's stochastic indicates that the value may have reached an overbought condition. This means that TRON will eventually fall back. In the meantime, the price bars are still range bound.
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.