TRON Falls On Entering The Overbought Zone At $0.078

Aug 25, 2023 at 07:26 // Price
Author
Coin Idol
TRON has the potential for further growth

Cryptocurrency analysts of Coinidol.com report, TRON (TRX) experienced an upward correction after the price plunge on August 17.

TRON price long term forecast: bullish

The cryptocurrency's price broke above the 21-day line SMA, but remained trapped between the moving average lines. The cryptocurrency has become trapped between the moving average lines as it reaches the overbought zone. The altcoin will likely have to be range-bound for a few days.

When the moving average lines are broken, the altcoin will develop a trend. The market is currently trending upwards. If the price of the cryptocurrency breaks the 50-day simple moving average, the market will rise to the previous high of $0.081. A break below the 21-day line SMA, for example, will cause the altcoin to fall to the low of $0.070.

TRON indicator display

The altcoin is in an uptrend as shown by the Relative Strength Index for the period 14. TRON has the potential for further growth. However, since it is between the moving average lines, it is likely to rise in a range where it is moving. The altcoin is currently in a downtrend.

TRXUSD_(Daily Chart) – AUG. 24.23.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?

TRON is in an uptrend in the lower time frame after the price decline on August 17. The price of the cryptocurrency reached a series of higher highs and lower lows until it stalled at a high of $0.078. The price indicator predicts that the uptrend will reach a high of $0.081. The uptrend will resume when the current retracement remains above the moving average lines.

TRXUSD(4 Hour Chart) – AUG.24.23.jpg

As we reported on August 18, 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. 

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.

Comments

Post a Comment

Popular posts from this blog

Quant Pauses Over $115, But Tends To Move In A Range

Image
Jan 06, 2024 at 10:09 // Price Author Coin Idol The price of Quant (QNT) is falling after hitting the $150 resistance level twice. Price Analysis by Coinidol.com. Long-term Quant price prediction: ranging This will be the second rejection of the altcoin at its current high. QNT could reach its high of $230 if the current resistance is broken. The cryptocurrency value will be pushed back to its previous highs by buying after a previous decline. The current value of the coin is $120 at the time of writing. The current decline could go below the moving average...
Read more

Dogecoin Price Prediction: DOGE Surges 22% In A Week As This Innovative Staking Meme Coin Storms Toward $3 Million

Image
The Dogecoin price has surged 22% in the past week even after it fell 2% in the last 24 hours to trade at $0.170 as of 00:35 a.m. EST on trading volume that plunged 37% to $2.06 billion. Dogecoin Price Prediction: DOGE Aiming For A Bullish Rally The Dogecoin price has been in an uptrend in October, as the bulls used the $0.11 support zone to push the price through a markup phase, according to data from GeckoTerminal . DOGE then went through a consolidation phase from mid-October within the $0.1460 range. The Dogecoin price bulls then used the lower boundary of the sideways pattern at $0.13 as the support to push DOGE through a parabolic curve, which indicates strong momentum. DOGE now trades above both the 50-day and 200-day Simple Moving Averages (SMAs), which supports the price’s general bullish outlook. The RSI is in bullish territory but not yet overbought, currently at 65, meaning there’s still potential for further gains before any risk of a reversal. If the RSI ...
Read more

Netflix’s Bitconned Exposes Crypto’s Dark Side, Unveils Centra Tech’s Scheme

Netflix documentary “Bitconned” unveils details of a crypto scam orchestrated by Centra Tech. The documentary highlights risks in the unregulated crypto space, emphasizing deceptive projects. Centra Tech, the subject of the new film, is one of several high-profile crypto scams in recent years. In the recent documentary release from Netflix titled “Bitconned,” viewers are presented with a comprehensive exploration of the nefarious world of crypto, unraveling a tale of deception, fraud, and the ominous rise of dubious crypto ventures. Centra Tech, the subject of the new film, is one of several high-profile crypto scams in recent years. Touted as a revolutionary force in the crypto landscape, Centra Tech, was, in reality, a house of cards built on deceit.  The documentary uncovers the mechanics behind the scenes, showing how Centra Tech managed to rake in millions of dollars daily. Ray Trapani, along with co-founders Sohrab Sharm...
Read more