TRON Reaches High Of $0.101 And Could Fall Into Overbought Territory

The latest price analysis by Coinidol.com report, the price of TRON (TRX) has been moving up tremendously.

TRON price long term forecast: bullish

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. Nonetheless, the cryptocurrency has entered the overbought zone of the market. If the bullish momentum fails to break the high at $0.100, the market will fall. TRON will fall and retest the previous low above the $0.090 support. If the $0.090 support holds, the altcoin will resume its sideways movement. This means the price of TRON will move between $0.090 and $0.100. If the bears fall below the moving average or support at $0.090, the downtrend will resume.

TRON indicator reading

The price bars for TRON are moving north along the moving average lines. The 21-day SMA is closest to the price and also serves as a support or resistance line. TRON has entered an overbought zone. However, in a market with a strong trend, an overbought condition may not last.

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

Key support zones: $0.06, $0.05, $0.04

What is the next direction for TRON?

The cryptocurrency has reached the overbought zone of the market. Further gains are unlikely as the altcoin is set back from its previous high. TRON is retracing its steps towards the moving average lines. If the altcoin retraces and holds above the moving average lines, the uptrend could resume. On the other hand, the trend could stall if the price falls below the moving average lines.

Last week Coinidol.com reported that the value of the cryptocurrency has increased from $0.084 to $0.092. However, the price of the cryptocurrency has been stuck at a high of $0.94 since October 23. 

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.