TRON’s recent uptrend reached its peak price of $0.18 but was subsequently repelled as the coin reached the overbought region. At the recent high, sellers emerged to push prices down.
The downtrend reached a low of $0.015. In a swift reaction, the price corrected upward to trade above the current support at $0.016. Buyers are making incursion to push TRON above the $0.0165 resistance.
Presently, the bulls are finding penetration difficult at the $0.0165 resistance. Fortunately, a Doji candlestick appeared above $0.016 support. It indicates that the current downtrend is losing strength and that the prior trend is likely to reverse. On the upside, a break above $0.0165 resistance will enable the price to move up to retest the $0.0.018 resistance. The momentum can extend to $0.020 high. However, if the bulls fail to break the initial resistance, the market will continue its range bound movement below $0.0165 resistance.
The crypto is currently above 30% range of the daily stochastic. The stochastic bands are sloping horizontally. It indicates that the market is consolidating. The price bars are below the EMAs which indicate that the coin is yet to rise.
Key Resistance Zones: $0.35, $0.40, $0.45
Key Support Zones: $0.25, $0.20, $0.15
TRON is currently facing resistance at the $0.0165 high. The bulls have retested the current resistance twice but were repelled. The market is on a downward move to the $0.016 support. TRON will move up if the current support holds.
Disclaimer. This analysis and forecast are the personal opinions of the author are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing funds.