TRON (TRX) has recovered since the price decline that started on November 14, 2022. At the moment, the cryptocurrency’s value has risen to $0.066. There is a potential for further upward movement.
TRON price long term forecast: bullish
Nevertheless, a candle body tested the 50% Fibonacci retracement line of the January 14 rise. According to the retracement, TRON will rise to the level 2.0 of the Fibonacci extension or $0.079 in the future. The overbought zone of $0.070 is likely to reject the current upswing. Since July 2022, the $0.070 resistance level has not been breached. TRON will reach its high of $0.080 when the $0.070 resistance is broken. At this point, the altcoin is trading at $0.066.
TRON indicator display
The Relative Strength Index for period 14 is at 67 and TRON is now trading in the positive trend zone. A bullish exhaustion of the current rise will occur shortly. As long as the price bars are above the moving average lines, the uptrend can continue. The cryptocurrency market is already overbought. Sellers may appear in the overbought part 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?
As it approaches the next resistance at $0.070, TRON is surging. The altcoin is in a nice climb on the 4-hour chart. The price of TRON is seeing a series of higher highs and higher lows. The subsequent barrier at $0.070 is likely to be overcome in a strong moving market. If the next resistance is not overcome, TRON may be forced to move within a trading range.
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 Coin Idol. Readers should do their own research before investing in funds.