The price of TRON (TRX) has been rising steadily and is approaching resistance at $0.07.
In the previous price action, TRON was pushed off the $0.07 resistance on February 8. If the current resistance level is broken, the cryptocurrency asset will rise upwards to a high of $0.08. The price indication of the cryptocurrency predicts that it will rise to the level 2.0 of the Fibonacci sequence, or $0.08. However, if the market approaches the overbought zone, the uptrend can be discarded. If the upside scenario is disproved, the altcoin will fall and go back to its previous low at $0.062. TRON is currently trading at a high of $0.067.
With a Relative Strength Index value of 64 for the 14 period, TRON is still in the positive trend zone. Moreover, the price bars are higher than the moving average lines, suggesting that the cryptocurrency might be trending upwards. Meanwhile, the market for the altcoin is overbought. It is above the daily stochastic value of 80, which indicates that TRON could decline.
Key supply zones: $0.07, $0.08, $0.09
Important demand zones: $0.06, $0.05, $0.04
The altcoin is in a steady uptrend on the 4-hour chart. Since January 8, TRON has been in an uptrend. At the recent high, the current uptrend is rejected. As the market enters the overbought zone, further upward movement of the cryptocurrency is unlikely.
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.