The price of TRON (TRX) has remained above the high of $0.085 in the uptrend. Cryptocurrency price analysis from Coinidol.com.
On October 1, the value of the cryptocurrency asset reached a new high of $0.091. The continuous rise of the altcoin has paused for the last four days at the recent high.
Now the price of TRON is fluctuating below the recent high. On the downside, the current uptrend will resume if TRON declines and finds support above the breakout level of $0.085. The altcoin will rise and retarget the high of $0.090.
However, if TRON falls below the breakout level of $0.085, the current trend will be stopped. The downward trend will continue until the price reaches the low of $0.080. At the time of writing, the altcoin is trading at $0.088.
The cryptocurrency's price bars are higher than the moving average lines despite the decline. The overbought condition of the cryptocurrency makes the upward movement speculative. The upward moving average lines indicate the current trend. However, the current trend has reached bullish exhaustion.
Key supply zones: $0.07, $0.08, $0.09
Key demand zones: $0.06, $0.05, $0.04
TRX is still in the overbought zone while retracing to the low of $0.088. The price has remained slightly solid above the breakout level of $0.085. As the altcoin hits the resistance at $0.090, it plunges. Selling pressure will continue as sellers emerge in the overbought zone.
In the previous analysis on September 28, Coinidol.com reported that TRON reached overbought near the $0.85 resistance level. Which indicated that it is unlikely that the price will continue to rise.
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 their research before investing in funds.