TRON (TRX) has maintained its rise and is currently trading in the bullish trend zone. Cryptocurrency price analysis brought by Coinidol.com.
TRON price long term forecast: bullish
TRON (TRX) value has been declining since November 1 after reaching a high of $0.10. Today, the altcoin has fallen to a low of $0.097, but it is predicted to fall further to a low of $0.093. The price of TRON can continue to rise if it retraces and stays above the moving average lines. If the $0.10 resistance is broken to the upside, the market will rise to a high of $0.105. However, the current upswing will end if the bears break below the moving averages.
TRON indicator reading
The price of TRON is below the moving average lines on the 4-hour chart. The price of the altcoin corrected upwards but was capped by the moving average lines. This could be an indication of the cryptocurrency’s collapse. Moreover, TRON is trading in the overbought territory of the market.
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 currently trading in the positive trend zone. If the market is overbought, the cryptocurrency will fall. TRON has made an upward correction on the drop on November 4, and a retracement candlestick has tested the 61.8% Fibonacci retracement level. TRX is expected to fall to the 1.618 Fibonacci extension or $0.093 as the correction continues.
On November 4, 2023 cryptocurrency analytics specialists of Coinidol.com stated that the altcoin reached a high of $0.101 on November 2, surpassing the previous high. The bullish momentum reached the previous high of $0.092 on June 1, 2022.
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 their research before investing in funds.