TRON Recovers On Breaking Through Resistance At $0.078

Sep 08, 2023 at 14:12 // Price
Coin Idol
TRON gained bullish momentum

Cryptocurrency price analysis brought by The TRON (TRX) price has broken through the moving average lines.

TRON price long-term forecast: bullish

Previously, the cryptocurrency was trapped between the moving average lines. TRON gained bullish momentum today by breaking out of the 50-day simple moving average and reaching a high of $0.079. The price forecast is for the market to rally to a high of $0.085. During the rally on August 23, a candle body tested the 50% Fibonacci retracement level.

TRX is expected to rise to the 2.0 Fibonacci extension or $0.085 as a result of the retracement. However, the current price level has entered the overbought region. If sellers appear in the overbought region, the altcoin will decline or reverse above the moving average lines. In other words, the market will continue to fall above the support level of $0.078.

TRON indicator display

TRON has maintained its uptrend above the Relative Strength Index of 60 for the 14 period. As the price bars crossed the moving average lines, the cryptocurrency asset resumed its uptrend. The altcoin has reached bullish exhaustion as it enters the overbought zone. It is above the stochastic level of 80 on the daily basis. If the overbought condition is not broken, TRON will continue to rise.

TRXUSD(Daily Chart) – Sept. 8.23.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?

The cryptocurrency is growing and targeting a high of $0.085. RSI has shown that the altcoin has additional room to rise to previous highs. As long as the price bars remain above the moving average lines, the altcoin will continue to rise. The uptrend will end when the altcoin is rejected and falls below the moving average lines.

TRXUSD_ (4 Hour Chart) – Sept.8.23.jpg

On September 1, 2023 cryptocurrency analytics specialists of stated that the cryptocurrency asset is unable to resume the uptrend as it is trapped between the moving average lines. The resistance at $0.078 and the 50-day line SMA have slowed down the upward 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 Readers should do the research before investing in funds.

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