TRON Holds Above $0.092 And Continues Its Upward Trend

Oct 26, 2023 at 08:37 // Price
Author
Coin Idol
TRX/USD fluctuates between $0.092 and $0.094

The latest price Analysis by Coinidol.com report, the price of TRON (TRX) has been increasing since October 15.

TRON price long-term forecast: bullish

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. Meanwhile, TRX/USD fluctuates between $0.092 and $0.094. On the positive side, it is likely that the altcoin will continue to rise.

The current resistance level has already been tested three times. The cryptocurrency resumed its uptrend as it retested its recent high. If the current resistance is broken, the altcoin will reach a high of $0.097. Otherwise, the movement will be maintained between $0.092 and $0.094. The decline will continue if the altcoin falls below the support level of $0.092.

TRON indicator display

The price bars have consistently held above the moving average lines, helping the cryptocurrency to rise. The moving average lines are pointing north, indicating that the trend is up. TRON also has a bullish crossover that has been in place since September 12. That is, last month the 21-day SMA crossed the 50-day SMA.

TRXUSD_ (Daily Chart) – OCT. 25.23.jpg

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

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

What does the next direction look like for TRON?

TRON is on the rise. The price of TRON resumed its uptrend after crossing the $0.092 level. The price indicator predicts that TRON will rise to the level of 1.618 Fibonacci Extension or to the level of $0.097 if the resistance at $0.094 is broken. The current trend will end if the bears cross the support level of $0.092. TRON will fall back to a low of $0.90 below the moving average lines.

TRXUSD_ (4 Hour Chart) – OCT. 25.23.jpg

As we reported on October 18, 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. 

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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