TRON Rises To $0.86 As Further Price Increases Are Doubtful

Sep 28, 2023 at 06:09 // Price
Author
Coin Idol
TRON has remained stable

Cryptocurrency analysts of Coinidol.com report, the price of TRON (TRX) has broken above the overriding resistance at $0.85, indicating an uptrend.

TRON price long-term forecast: bullish

The price of the cryptocurrency has reached a series of higher highs and higher lows. However, buyers have been working non-stop since June 3 to keep the upward momentum above the high of $0.085. On June 3 and July 22, the cryptocurrency dipped below the moving average lines, which set the bulls back twice. The altcoin is currently selling at $0.86 as we write this article. The market is overbought near the $0.85 resistance level. If the market enters the overbought area, it is unlikely that the price will continue to rise. If sellers appear in the overbought area of the market, the altcoin will fall below the moving average lines.

TRON indicator display

TRON is in an uptrend and is currently trading at 70 on the 14-period Relative Strength Index. Every time the cryptocurrency value reaches the overbought area of the market, it starts to fall. The cryptocurrency has remained stable as the price bars are higher than the moving average lines. The altcoin is overbought at the moment. It might fall because it is above the daily stochastic level of 80.

TRXUSD(Daily Chart) – Sept. 27.23.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 asset has now crossed the upper resistance level of $0.85. The upside momentum is weakening as the market price enters the overbought area around $0.86. TRON is at risk of another plunge as the altcoin reaches the overbought area of the market. Since its last high, TRON is currently declining.

TRXUSD_ (4 Hour Chart) – Sept.27.23.jpg

As we reported on September 16, the bulls broke above the moving average lines and retested them before resuming their upward march. The altcoin is rising and is on its way to a high of $0.085. 

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 the research before investing in funds.

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