TRON Pauses Below $0.085 As It Enters An Overbought Zone

The latest price analysis by Coinidol.com report, the price of TRON (TRX) has been moving in the uptrend zone since September 6.

TRON price long term forecast: bullish

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. The market is currently at a high of $0.084. The uptrend has paused below the resistance zone at $0.085. The price indicator forecasts further upward movement to a high of $0.088. Meanwhile, TRON is trading in the overbought zone of the market. The bullish scenario could be interrupted. Nevertheless, buyers have not managed to break the overbought zone at $0.084 since June 2.

TRON indicator reading

TRON has reached the overbought zone of the Relative Strength Index at 71 for the period 14. If it approaches the overbought zone, the cryptocurrency is at risk of a decline. As long as the price bars remain above the moving average lines, the altcoin will continue to rise. If sellers appear in the overbought zone, TRON will fall below or above the moving average lines. TRON is trading above the daily Stochastic threshold of 80.

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 is expected to fall above the moving average lines. It has a habit of falling above or below the moving average lines when it is rejected at the $0.085 resistance zone. The market is overbought at the resistance zone. The price indicator predicts that TRON will reach a new high of $0.088 if the current resistance is broken.

Last week Coinidol.com reported that 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. 

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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• Source: https://coinidol.com/tron-pauses-below-0-085/