TRON Risks Decline As It Fails To Continue The Rise Above $0.0710 - OhNo WTF Crypto

Breaking News

TRON Risks Decline As It Fails To Continue The Rise Above $0.0710


May 17, 2023 at 07:30 //

TRX/USD may continue to move sideways

TRON (TRX) price resumed a new uptrend and gained strength.

TRON price long-term forecast: bullish

The previous trend, which ended at a high of $0.0710, was not sustained by buyers. TRON is falling below the moving average lines as bulls are buying dips. The cryptocurrency asset is now trading for $0.070. The altcoin is moving towards testing or breaking the resistance around $0.0710. The price indication suggests that the cryptocurrency will continue to march higher. The market will rise to a high of $0.077 if the bulls break the barrier at $0.070. However, if the altcoin is rejected at the recent high, the bullish scenario would prove to be false. The uptrend will resume after the cryptocurrency retraces above the moving average lines. If the price falls below the moving average lines, the uptrend will stall.

TRON indicator display

TRON is at level 62 on the Relative Strength Index for period 14. TRON is on an upswing and has room to rise even higher. The current upswing is due to the price bars being above the moving average lines. TRON is currently in negative momentum below the daily stochastic threshold of 80. If the altcoin approaches the overbought area of the market, it may start to fall.

TRXUSD_(Daily Chart) – May 17.23.jpg

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?

TRX/USD may continue to move sideways if buyers are unable to overcome the resistance levels at $0.071 and $0.072. The cryptocurrency asset has been trading in a range since February due to an unbroken resistance level. In order to overcome the initial resistance level, buyers are currently retesting it. If the buyers are successful, the uptrend from TRON will return.

TRXUSD(4 –Hour Chart) - May 17.23.jpg

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.

OhNoCryptocurrency via By Coin Idol, @Khareem Sudlow