TRON Bounces Back, But Circles Above $0.089 Support

Cryptocurrency analysts of Coinidol.com report, TRON (TRX) rallied above the 21-day simple moving average (SMA) and retested the $0.091 resistance level.

TRON price long-term forecast: bullish

Positive momentum retraced above the $0.089 support but failed to surpass the recent high. Had the buyers been successful, TRON would have reached a high of $0.10.

On October 3, the cryptocurrency reached the same price level but was unsuccessful as it fell below the moving average lines. The altcoin has reversed course and is currently circling above the moving average lines. TRON on the other hand, the cryptocurrency price is currently in an overbought area of the market. If sellers appear in the overbought area of the market, there is a risk that the cryptocurrency will fall. However, if TRX stays above the moving average lines, it will rise and retest the overbought zone. TRX/USD is expected to trade between $0.085 and $0.091.

TRON indicator display

TRON has made a comeback and is trading above the moving average lines. The positive trend will continue as long as the price bars remain above the moving average lines. The moving average lines have been sloping upwards since the rally started. Moreover, altcoin has experienced a bullish crossover after the September 12 bounce. 

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?

The cryptocurrency asset is looking to re-establish an uptrend. However, a retest of the recent high caused the altcoin to fall for the second time. Nonetheless, multiple recent rejections are forcing the altcoin to decline. The recent high is being crushed in a market that is moving strongly.

Last week Coinidol.com reported that the cryptocurrency asset is in a downtrend as it is assumed that the previous trend has ended. The altcoin traded and peaked at $0.091. 

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-0-089-support/