TRON Is Shaky As It Risks A Decline In The Overbought Region

Cryptocurrency analysts of Coinidol.com report, the price of TRON (TRX) has been in an uptrend since June 20.

TRON price long term forecast: bullish

The price of the cryptocurrency broke above the moving average lines, but may face resistance near the high of $0.076 or $0.078. The market was overbought at the recent highs. Over the past month, buyers have been unable to push the price above these levels.

TRON will reach a high of $0.085 if the bulls break the resistance at $0.078. Today, the altcoin is trading at $0.074, with resistance at $0.076. The current bullish momentum is currently facing rejection at the recent high. If the price retraces and stays above the moving average lines, the current uptrend could continue. However, if price falls back below the moving average lines, the bullish momentum could come to an end. TRX could fall back to its previous low of $0.070.

TRON indicator display

TRON is rising as it enters the positive trend zone of the Relative Strength Index at the 55 level for the 14 period. If the price bars stay above the moving average lines, the altcoin will also rise. The bearish momentum has stalled below the Stochastic daily level of 60. The trend is indicated by the upward moving average lines.

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 is currently trading in a positive trend zone. There is a chance that the coin will continue to rise above the moving average lines. If the price of the altcoin falls below the moving average lines, the selling pressure will increase again. However, the uptrend is shaky as the market has reached an overbought zone.

On Jun 21, 2023, Coinidol.com reported that: Since the price decline on June 10, the cryptocurrency asset has started a sideways movement above the $0.069 support. Doji candlesticks are present, which have limited the price movement. 

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 own research before investing in funds.