TRON Is On The Upswing, But Faces A First Hurdle At $0.070

May 10, 2023 at 13:32 // Price
Coin Idol
A new upswing is starting for TRX/USD

The price of TRON (TRX) is rising as it trades in the bullish trend zone.

TRON price long-term forecast: bullish

The cryptocurrency asset starts a new rise after retreating above the moving average lines. The altcoin is trading at $0.069 per unit at the time of publication. If buyers manage to overcome the initial hurdle at $0.070, the cryptocurrency will reach a new high. The price indication has also suggested that the uptrend of the cryptocurrency will continue. During the upswing on May 4, a candlestick tested the 61.8% Fibonacci retracement line. TRON will rise to the 1.618 level of the Fibonacci extension or $0.075 after the retracement. However, the altcoin is rising and approaching the overbought area of the market. The bullish scenario will fail if the cryptocurrency is rejected at the recent high.

TRON indicator display

On the Relative Strength Index for period 14, TRON is at 54. Despite the initial decline, the altcoin is still trading in the bullish trend zone. As long as it is in the uptrend zone, the altcoin can continue to rise. The fact that the price bars are above the moving average lines indicates that TRON will continue to rise. The daily stochastic value of 60 indicates that the cryptocurrency asset is in an uptrend. TRX is also approaching the overbought zone.

TRXUSD_(Daily Chart) – May 10.23.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?

 A new upswing is starting for TRX/USD above the moving average lines. The initial rise was rejected at the high of $0.070. The cryptocurrency is on its way up to retest resistance. The upswing will start when the resistance level is broken. If it does not, TRON will fluctuate below the resistance level.

TRXUSD_(4 –Hour Chart) - May 10.23.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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