TRON Falls Back To The Previous Low At $0.064

TRON Falls Back To The Previous Low At $0.064

August 18, 2023

Cryptocurrency analysts of report, the price of TRON (TRX) has fallen below the moving average lines after reaching the overriding resistance at $0.085.

TRON price long-term forecast: bearish

This will be the third attempt by buyers to retest the above resistance. If the upper barrier is broken, TRON will reach new highs at $0.095 and $1.00.

On the downside, TRX/USD is forced to trade sideways after failing to break above resistance. The altcoin is currently trading between $0.070 and $0.085. TRON has fallen to a low of $0.075 at the time of writing. As the market approaches oversold territory, selling pressure is expected to ease.

TRON indicator display

The cryptocurrency asset is moving into the oversold territory at level 37 of the Relative Strength Index for the 14th period. TRON is bearish as the price bars have fallen below the moving average lines. When the altcoin is in a downtrend, it tends to fall. The market has reached an oversold condition. It is below the daily stochastic level of 20.

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 has reached the oversold zone of the market. As the market approaches the oversold zone, selling pressure is expected to ease. Once buyers emerge in the oversold zone, the decline will come to an end. TRON is currently trading above the support level of $0.075. If the current support holds, the altcoin will rise.

Last week reported that the price of TRON (TRX) has remained steady over the past week as it traded in a limited range. The cryptocurrency asset is currently fluctuating between $0.075 and $0.078. 

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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