TRON Back Above $0.07 On Renewed Upswing

Cryptocurrency analysts of Coinidol.com report, the price of TRON (TRX) remains in the uptrend zone, reaching a high of $0.08.

TRON price long term forecast: bullish

Buyers struggled to keep the price above the current high in the last 48 hours, but it has pulled back above the moving average lines. At the time of writing, the price is trading at $0.077.

If the current barrier is broken, the current trend will rise to a high of $0.085 per unit. The cryptocurrency price is currently trading above the moving average lines, indicating a likely rise. If the bears break below the moving average lines, the altcoin will fall to its previous low of $0.07. In the meantime, altcoin is consolidating above its current support level.

TRON indicator reading

TRON could rise as the Relative Strength Index is currently at 57 for the 14 period. Ahead of a further upward movement, the price bars are above the moving average lines. TRON has a positive momentum above the daily Stochastic threshold of 60. The current upward movement is challenged by the overbought level.

Key supply zones: $0.07, $0.08, $0.09

Important demand zones: $0.06, $0.05, $0.04

What is the next direction for TRON?

TRON is in an uptrend on the 4-hour chart. The price of the cryptocurrency is recording higher highs and higher lows. The uptrend was rejected on July 9 when it fell below the moving average lines at the high of $0.08. The current rise has ended because the altcoin fell below the moving average lines. TRON the price will rise again if it stays above the moving average lines.

On Jul 07, 2023, Coinidol.com reported that: TRON has been posting regular positive gains since the June 10 price decline. At the time of writing, the altcoin is trading at $0.077.

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 own research before investing in funds.

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