The price of TRON (TRX) is currently correcting upwards after a recent decline below the moving average lines.
The cryptocurrency asset currently has a new value of $0.065. Bullish momentum continued below the 50-day line SMA but above the 21-day line SMA. Bulls bought the dips during the recent price action when TRON fell to its previous low of $0.060. The price of TRX/USD will reach a high of $0.070 if it rises above the moving average lines. If the 50-day Simple Moving Average (SMA) or the high at $0.066 resists the bullish momentum, TRON will be constricted between the moving average lines. The altcoin will be forced to move between the moving average lines for a few days. The price of TRX is currently moving back and forth between the moving average lines.
TRON is at the 50 level on the Relative Strength Index for the 14 period, indicating that there is a balance between supply and demand. However, the price movement may continue as the price bars are between the moving average lines. The overbought area for the cryptocurrency is above level 80 of the daily stochastic. In the overbought area, sellers seem to be driving prices down.
Key supply zones: $0.07, $0.08, $0.09
Key demand zones: $0.06, $0.05, $0.04
TRON is regaining strength as it moves back above the moving average lines on the 4-hour chart. The bullish momentum has caused the market to become overbought. This means that the bullish momentum from TRON has peaked. It is unlikely to continue upward.
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.