TRON Price Range Widens As It Consolidates Above The $0.075 Low

Aug 10, 2023 at 12:10 // Price
Coin Idol
Bears are in control as long as TRON is trading in the downtrend zone

The latest price analysis by report, the price of TRON (TRX) remains below the moving average lines but above the $0.075 support.

TRON price long-term forecast: bearish

The price of TRON (TRX) has remained steady over the past week as it traded in a limited range. The cryptocurrency asset is currently fluctuating between $0.075 and $0.078.

The price movement has been static as there have been doji candlesticks. At the time of writing, the altcoin is trading at $0.076. Bears are in control as long as the altcoin is trading in the downtrend zone. TRON will see more selling pressure if the current support is breached. The previous low of $0.070 will be reached by the market. The uptrend is currently limited by the moving average lines and resistance at $0.085. Meanwhile, TRON is consolidating above the support at $0.075.

TRON indicator display

The Relative Strength Index for the 14 period is at 42, indicating that the cryptocurrency is consolidating. It is predicted that the altcoin will fall as it is in a bearish trend zone. The doji candlesticks are influencing the margin price movement. Trading for the altcoin is above the daily stochastic threshold of 60. The bullish momentum has slowed down above the current support.

TRXUSD_(Daily Chart) – AUG. 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?

TRON is trading in a range above $0.075 support. As long as doji candlesticks dominate price activity, the altcoin will maintain its horizontal trend. TRX/USD will regain positive momentum if it rallies above the current support level.

TRXUSD_(4 Hour Chart) – AUG.10.23.jpg

Last week reported that the altcoin corrected upwards in the last price action and reached the previous high of $0.085. The cryptocurrency price reached a high of $0.094 on July 22, but quickly fell below the $0.085 level. 

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 the research before investing in funds.

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