TRON Enters The Overbought Zone At $0.11

The price of TRON (TRX) is rising as it approaches the overbought resistance of $0.11. The altcoin had reached a high of $0.109 at the time of writing.

TRON price long-term prediction: in the range

According to price analysis by Coinidol.com, TRON has been in a sideways trend below the overhead barrier since November 10. The price of the cryptocurrency is oscillating above the moving average lines but below the overhead resistance. The upward movement of the market is shaky as it is approaching the overbought area. Moreover, the overhead resistance is near the historical price level of November 15, 2021. 

On the plus side, if buyers break through the current barrier, TRON can expect another rejection at the high of $0.12. If the price falls below the moving average lines, the sideways trend could come to a halt. TRON's previous lows of $0.095 and $0.090 will be reached again.

TRON indicator reading

TRON will maintain its sideways movement as long as the price bars remain above the moving average. The moving average lines are pointing north, indicating an uptrend. TRON's price movement was limited by small, indecisive candles, the so-called doji.

Technical indicators

Key Supply Zones: $0.09, $0.10, $0.11

Key Demand zones: $0.06, $0.05, $0.04

What is the next direction for TRON?

TRON's sideways trend will continue if the price bars remain above the moving average lines, same as it was a week ago. Buyers are trying to recover the altcoin's previous high of $0.12. The altcoin is likely to see more rejection as it approaches its previous highs.

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.