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TRON Edges Up to $0.098, Bulls Eye Resistance

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Arslan is an expert live webinar speaker and derivatives analyst, specializing in cryptocurrencies, Forex, commodities, and indices. He holds an MBA in Finance and an MPhil in Behavioral Finance from the University of Gujrat (UOG), Pakistan. With many years of experience in cryptocurrency and Forex trading, Arslan currently focuses on cryptocurrency price predictions and forecasts. Arslan has previously worked with several brokerage firms’ Forex and cryptocurrency trading teams, managing client exposure risk. Arslan has worked at CAPEX.com and NatureForex.com, among others.
By Arslan Ali Butt
author
Arslan is an expert live webinar speaker and derivatives analyst, specializing in cryptocurrencies, Forex, commodities, and indices. He holds an MBA in Finance and an MPhil in Behavioral Finance from the University of Gujrat (UOG), Pakistan. With many years of experience in cryptocurrency and Forex trading, Arslan currently focuses on cryptocurrency price predictions and forecasts. Arslan has previously worked with several brokerage firms’ Forex and cryptocurrency trading teams, managing client exposure risk. Arslan has worked at CAPEX.com and NatureForex.com, among others.
on November 09, 2023 | 2 min
Updated on Nov 09, 2023
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  • TRON’s slight rise to $0.098251 reflects a modest but positive market sentiment, with technicals pointing upwards.
  • RSI and MACD indicators show bullish signals, while prices hover above the 50 EMA, hinting at potential uptrend continuation.
  • Chart patterns and key technical levels suggest TRON may soon approach the resistance level of $0.10202, setting the stage for its next move.

Within the vibrant tapestry of the cryptocurrency market, TRON (TRX) has recently drawn attention, nudging up to $0.098251 on November 9. While it may not seem monumental, the asset’s 1.63% ascent in the past 24 hours is a clear indication of investor confidence amidst the broader digital currency landscape. This uptick places TRON’s market capitalization at an impressive $8.7 billion, solidifying its position as the 11th most valued coin, according to CoinMarketCap.

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TRX/USD Price Chart
TRX/USD Price Chart – Source: Tradingview

TRON Price Prediction: Technical Outlook

A four-hour chart examination offers a granular view of TRON’s performance. Currently, the asset hovers just above its pivot point of $0.09782, hinting at the market’s indecision. However, a trio of resistance levels—$0.10202, $0.10546, and $0.10957—lie in wait, potentially serving as waypoints for bullish advances. Conversely, support levels at $0.09439, $0.09028, and $0.08684 provide a safety net against bearish dips.

 

The Relative Strength Index (RSI) presents a reading of 62, which is comfortably above the neutral 50 mark, yet below the overbought territory of 70. This indicator generally signals a bullish sentiment without immediate concerns of an overextended rally. The Moving Average Convergence Divergence (MACD) offers a nuanced perspective with its line hovering just above the signal line, suggesting the presence of upward momentum, albeit with caution.

 

The 50-Day Exponential Moving Average (EMA) is currently at $0.0975, with the price perched just above it, reinforcing a bullish outlook in the short term. Such positioning often indicates a potential trend continuation to the upside, provided the price remains north of this moving average.

 

From a technical standpoint, the chart reveals patterns that are suggestive of continued bullish momentum. TRON’s price movement has formed a configuration that typically precedes a continuation of an uptrend. Should TRON maintain its trajectory above the pivot point, there is a reasonable probability for the coin to test the immediate resistance at $0.10202 shortly.

 

Drawing on these technical insights, the outlook for TRON is cautiously optimistic. Investors and traders, always at the mercy of market sentiment and volatility, would do well to monitor these indicators closely. They represent the proverbial breadcrumbs on the path to informed decision-making in the cryptocurrency arena.

 

The journey of TRON in the days ahead may very well be influenced by overarching market trends, investor sentiment, and intrinsic value propositions unique to TRON itself. As such, maintaining a balance between vigilance and strategic confidence will be key for those participating in TRON’s market activities.

Stay tuned for more updates!

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About Arslan Ali Butt
Arslan is an expert live webinar speaker and derivatives analyst, specializing in cryptocurrencies, Forex, commodities, and indices. He holds an MBA in Finance and an MPhil in Behavioral Finance from the University of Gujrat (UOG), Pakistan. With many years of experience in cryptocurrency and Forex trading, Arslan currently focuses on cryptocurrency price predictions and forecasts. Arslan has previously worked with several brokerage firms’ Forex and cryptocurrency trading teams, managing client exposure risk. Arslan has worked at CAPEX.com and NatureForex.com, among others.
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