Cryptocurrency analysts of Coinidol.com report, TRON (TRX) experienced an upward correction after the price plunge on August 17.
The cryptocurrency's price broke above the 21-day line SMA, but remained trapped between the moving average lines. The cryptocurrency has become trapped between the moving average lines as it reaches the overbought zone. The altcoin will likely have to be range-bound for a few days.
When the moving average lines are broken, the altcoin will develop a trend. The market is currently trending upwards. If the price of the cryptocurrency breaks the 50-day simple moving average, the market will rise to the previous high of $0.081. A break below the 21-day line SMA, for example, will cause the altcoin to fall to the low of $0.070.
The altcoin is in an uptrend as shown by the Relative Strength Index for the period 14. TRON has the potential for further growth. However, since it is between the moving average lines, it is likely to rise in a range where it is moving. The altcoin is currently in a downtrend.
Key supply zones: $0.07, $0.08, $0.09
Key demand zones: $0.06, $0.05, $0.04
TRON is in an uptrend in the lower time frame after the price decline on August 17. The price of the cryptocurrency reached a series of higher highs and lower lows until it stalled at a high of $0.078. The price indicator predicts that the uptrend will reach a high of $0.081. The uptrend will resume when the current retracement remains above the moving average lines.
As we reported on August 18, this will be the third attempt by buyers to retest the above resistance. If the upper barrier is broken, TRON will reach new highs at $0.095 and $1.00.
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 CoinIdol.com. Readers should do the research before investing in funds.