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TRON Rebounds Above $0.10 as SEC Approves Spot Bitcoin ETFs

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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 January 11, 2024 | 1 min
Updated on Jan 11, 2024
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  • TRON (TRX/USD) trades at $0.107632, holding steady despite slight decrease.
  • TRX is in a short-term bullish trend, trading above the 50 EMA and the MACD line
  • TRON may test the resistance at $0.1016 and aim for $0.1086, or fall below the support at $0.0994 and drop to $0.0902

TRON, the cryptocurrency that aims to create a decentralized internet, bounced back above $0.10 on Wednesday, as the US Securities and Exchange Commission (SEC) approved 11 spot bitcoin exchange-traded funds (ETFs), which track the actual price of the digital asset.

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

TRON Price Prediction: Technical Outlook

According to the 4-hour chart, TRON is trading above the pivot point, which acts as a support and resistance level, at $0.1051. The pivot point is calculated based on the previous day’s high, low, and close prices, and it helps to determine the overall market trend. The immediate resistance is at $0.1086, which is the round number and the previous high of January 5.

 

The next resistance is at $0.1144, which is the 61.8% Fibonacci retracement level of the downward move from the November 10 high of $0.1739 to the December 4 low of $0.0872. The Fibonacci retracement levels are based on the mathematical sequence that shows the ratio of successive numbers, and they help to identify potential reversal points in the market. The next resistance is at $0.1177, which is the 78.6% Fibonacci retracement level of the same downward move.

 

The chart also shows that TRON is facing a downward trendline, which is a bearish signal. This means that TRON has failed to break above the trendline, which extends from the November 10 high of $0.1739 to the January 5 high of $0.1086. The trendline is currently acting as a resistance at $0.1016, which is also the previous high of January 9.

 

If TRON can break above this level, it may open the door for further gains towards the $0.1086 level, which is the previous high of January 5 and the immediate resistance. However, if TRON fails to break above the trendline, it may face some downward pressure and fall below the $0.1051 level, which is the pivot point and the immediate support. However, if TRON falls below the support at $0.0994, it may trigger a bearish reversal and head towards the $0.0902 level, which is a major support level and a potential target for the bears.

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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