The price of TRON (TRX) trading above the moving average lines is rising.
The cryptocurrency is about to surpass its previous record high of $0.073. At the time of writing, the altcoin is still trading at $0.069. If TRX approaches the overbought area of the market, TRON could lose value. The price signal suggested that the cryptocurrency could rise before changing direction. At the April 29 uptrend, a retraced candlestick tested the 78.6% Fibonacci retracement line. The retracement suggests that TRX will rise, but that it will reverse at the $0.069 level of the 1.272 Fibonacci extension. After the reversal, TRON is currently retesting the level of the 1.272 Fibonacci extension.
TRON is at level 63 on the Relative Strength Index for the 14 period, and although it is approaching the overbought area of the market, it is in the bullish trend zone. As long as the price bars are above the moving average lines, the cryptocurrency is growing. TRON is already trading in an overbought area of the market. It is above the daily stochastic value of 80. The value of the cryptocurrency asset could fall.
Key supply zones: $0.07, $0.08, $0.09
Important demand zones: $0.06, $0.05, $0.04
TRX/USD is moving upwards and approaching its recent high of $0.073. However, the uptrend is encountering resistance at a high of $0.070. If the current resistance level is broken, the cryptocurrency will reach its previous high of $0.073.
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.