TRON Circles Above $0.075 Low And Prepares For A New Rise
June 1, 2023The price of TRON (TRX) is currently falling below the moving average lines after experiencing bullish fatigue.
TRON price long-term forecast: bullish
On May 22, TRON reached a high of $0.079 but was rejected. The cryptocurrency asset hit an overbought sector of the market. At the time of publication, TRX is currently worth $0.075. A new bounce could start on the upside if the current support at $0.075 holds. Bears have been trying to break the current support since May 26. The cryptocurrency is expected to reach a high of $0.088 if the current resistance is broken. However, the uptrend will be broken if the price falls below the moving average line. The cryptocurrency would then fall to its previous low of $0.066.
TRON indicator display
TRON is at level 59 of the Relative Strength Index for the period 14. Despite the recent decline, the altcoin is still in an uptrend. There are signs that the trend will continue to rise. TRON will rise as long as the price bars are above the moving average lines. Already TRON is trading in an oversold area of the market. This indicates that the market will rise. The daily stochastic for the altcoin is trading below the 20 level.
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?
With TRON currently trading above the moving average lines, the uptrend has resumed. After reaching a high of $0.079 on the chart, the market has entered the overbought zone and the uptrend has been rejected. Price stability above the support of $0.075 indicates the beginning of another upward trend.
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.
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