TRON Is In A Positive Move, But Risks Rejection At $0.074

Jun 15, 2023 at 08:49 // Price
Coin Idol
TRON is wedged between the moving average lines

The price of TRON (TRX) is falling as it faces resistance at the high of $0.085.

TRON price long-term forecast: bearish

On June 10, the price fell to a low of $0.064. Despite trading below the moving average lines, the cryptocurrency asset is correcting higher. At the time of writing, TRON is currently trading at $0.072. On the plus side, TRON will likely be rejected at the high of $0.074. This is because the market is overbought near the recent high. The altcoin will fall to its previous low at $0.065. However, it will move between $0.070 and $0.074 if it falls back above the support level of $0.070. Apart from the moving average lines, the altcoin is shifting in the meantime.

TRON indicator display

TRON reaches the level 37 of the Relative Strength Index for the period 14. The altcoin returns to the upside in the area of the downtrend. TRON will lose value as long as the price bars remain below the moving average lines. The risk associated with the altcoin has decreased as it is above the 80 level of the daily stochastic. Sellers will appear in the overbought area of the market.

TRXUSD_(Daily Chart) – June 14.23.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 can continue to fall if the upward correction is not able to surpass the recent high. On the 4-hour chart, TRON is wedged between the moving average lines. This suggests that TRX is likely to return to its range bound move between the moving average lines.

TRXUSD_(4 –Hour Chart) – June 14.23.jpg

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.

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